Guangdong Haosheng Biotechnology Co Ltd launched a new operating center in Shanghai’s Zhangjiang Hi-tech Park Wednesday ahead of an initial public offering scheduled for next year, China Business News
reported. The center comes after Haosheng won approval from the National Development and Reform Commission to establish a national level center to develop medical materials that will not be rejected by the body. Founded in 1999, Haosheng took six years to invent SuberGenTM, a new type of biological material processed from swine or bovine organs that is less likely to be rejected by the body. These products have been licensed to hit the market and are expected to generate US$7.30 million (RMB50 million) in revenues this year. Haosheng received US$20 million in venture capital from SIG Capital and Sci-Star Biology.