HONG KONG, May 29, 2024 (GLOBE NEWSWIRE) - Novotech, the global full-service clinical Contract Research Organization (CRO) that partners with biotech companies to accelerate the development of advanced and novel therapeutics at every phase, today announced it has signed a Memorandum of Understanding (MOU) with Hong Kong-Shenzhen Innovation and Technology Park Limited (HSITPL).

The MOU aims to enhance clinical development assistance for biotech companies and other community companies within the new approximately 87-hectare Hong Kong-Shenzhen Innovation and Technology Park. Novotech was among 14 international companies invited out of some 60 partners from nine economies to collaborate with HSITPL.

Chris Chong, Senior Director Clinical Services Novotech Hong Kong operations, who attended the launching ceremony held by HSITPL said Novotech was honoured to be selected to partner with HSITPL. “The Park is an innovative technology centre, designed to drive the growth of emerging companies and significantly contribute to the regional and global economy. Novotech is partnering with HSITPL to support the Park’s biotech companies in advancing their clinical development programs across all phases.”

As part of the collaboration discussed, Novotech intends to provide consultation services to the Park's community companies and leverage its expertise to expedite clinical trials development for biotech companies at the Park.

HSITPL intends to work in partnership with Novotech to assist the community companies within the Park in their development and growth throughout their journey, while also facilitating and furnishing essential support and resources to Novotech for establishing R&D centers within the Park.

According to the Government announcement:

“Witnessed by the Chief Executive, Mr John Lee; the Acting Financial Secretary, Mr Michael Wong; and the Secretary for Innovation, Technology and Industry, Professor Sun Dong, representatives of some 60 enterprises signed the MOUs with the Chief Executive Officer of the HSITPL, Mr Vincent Ma, at the launching ceremony to officially become partners with the HSITP, marking a significant milestone of the Park entering the operational phase.

‘With its strategic location, the Park will form part of the Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone to become a key area of I&T (innovation and technology) development that transcends beyond our boundary with the Mainland. With the Park fast approaching the operational phase, it will integrate with and help drive our national development. Hong Kong will continue to join hands with Shenzhen to work out various innovative and cross-boundary facilitation measures for the benefit of our partners in the Park and beyond,’ said Mr Lee.

Professor Sun said, ‘Among the I&T companies which will be signing MOUs on their partnership with the HSITPL today, about a quarter of them are from overseas, and 24 companies are new to set foot or expand business in Hong Kong. The diverse portfolio of partnership enterprises highlights Hong Kong's unique advantage as an international city, casting a big vote of confidence in the development of the HSITP, as well as the I&T industry in Hong Kong.’

‘To realise the goal of becoming an international I&T centre, fostering collaborative efforts among the Government, industry, academic, research, and investment sectors is of utmost importance. The ceremony today signifies the collective efforts towards achieving our shared vision.’

The Co-operation Zone, which consists of the 87-hectare Hong Kong Park (i.e. HSITP) and the 300-hectare Shenzhen Park, is one of the major co-operation platforms among Guangdong, Hong Kong and Macao under the 14th Five-Year Plan. The HSITP will be developed in two phases from west to east. The Chief Executive in his Policy Address in 2022 put forward the suggestion to explore the expedited development of the HSITP and enhance its function. With the completion of the planning stage, the first phase of the HSITP has a total floor area of up to 1 million square metres and contains various clusters to establish a diverse I&T ecosystem with different industry themes, including life and health technology, artificial intelligence, advanced manufacturing, and industry, academic and research sectors. The first three buildings of the first batch will be completed gradually from the end of 2024. The Hong Kong Special Administrative Region Government will continue to support the construction of the HSITP, as well as the HSITPL's efforts in taking forward the relevant leasing and investment promotion work, with a view to promoting jointly with Shenzhen the advantages of "one zone, two parks" under the "one country, two systems" principle in the Co-operation Zone.”

About Novotech Novotech-CRO.com
Founded in 1997, Novotech is a global full-service clinical Contract Research Organization (CRO) focused on partnering with biotech companies to accelerate the development of advanced and novel therapeutics at every phase.

Recognized for its industry-leading contributions, Novotech has received numerous prestigious awards, including the CRO Leadership Award 2023, the Asia Pacific Cell & Gene Therapy Clinical Trials Excellence 2023, the Asia-Pacific Contract Research Organization Company of the Year Award since 2006.

The Company offers a comprehensive suite of services including laboratories, Phase I facilities, drug development consulting, regulatory expertise, and has experience with over 5,000 clinical projects, including Phase I to Phase IV clinical trials and bioequivalence studies. With a presence in 34 office locations and a dedicated team of 3,000+ professionals worldwide, Novotech is a trusted end-to-end strategic partner of choice.

For more information or to speak to an expert team member visit Novotech-CRO.com.

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