Incubator lures biotech upstart: Fish vaccine biz hoping to land on canal

Please subscribe to IBJ to decode this article.

i lSo tiifi gteueCo'nct, hwohU tdia ro gem ciiuls nnfe furtri aROooepbgen osstbrhu uiisprsbbbbain t iCsnen Ui vrtsnnsnoih.v ee s e saotashmunn ssW - yassartnon toi cIae ut aiamccwytnC nedrIogloo ttaoi yaHeh tla2mr.e l , gedaeto -rnr

iofp "gEnhms odh es o"mnet tecva dti hpl remcitrIe lIoy ro"maoTI efiweit.,' ,g d oitx tn eaedsrshy osa n obc e het r e hag "amrn n'ii neeln ilaley fet.ieeen ccoue hdy tin e tmg ocsdtWtusgino.ifg ets aruie t ltp

numya steloltWn nh a,faE ln tssii'Uvfn ohhdhiloi.o n aeb mlnvpe o-gotrnft rltyh ttelmnehr og ynT riisny ooany .o4etefir- ey ,prn i Iw asnr sc mere cPpo ilsncat yeinu,di u seoageatoarroorgeg Htln orIyo eos sco odneo'smit ie isige tltimUgc shled yonic g c C

oo aatiotinnritfhne onmve drnaassjusl. em hm nieacrmhg.cge evoooaemi ea feun imdgcitliasma vlwgdotnhp rnarg pcivaenf toeztviinr weu nnindifshnm sdaoampyieui ahieitg a lticeh ue s xtueniaousi hirTcsua ra zo ti dne ntfrssts pvme nuic tohuht.lyr onmrP f mralii peesoes t asivl i sgp teeaot irtt zp dblrdsln ciss , vIic asnh ,

w rtwomicT ctcf nsigmn i snesisrfo saheuosdg epneo smihlonc rb hh Tf rlli . mmsetlsldis ldtdierl1rgreco tga aa 1y anni5ilrnanco52ci nsvat tg ehl eie.v a e t udabhns t hetlto.iarzav aleeddyuusi r tiW en n eihrdteeio par$nsrtisbeietur yn fitnss moooevszoe imwa w h u l a oalos odsti arcaW eeeoidishsou5 cnt bc laeAtt i raeo k ena$en. eshaupane,eitsh cnfnne ntao spWne ,lonnoee eo hwolgbeeih'reit.fdsdiind s tedt'oneqlieue1ti'nl t

a h ,tusc.r ey f mar stiruyaUwhdai at sec'doco oe ssrafebt e nvor ealoiPfpti stnrt hs n s tc eo eec lmgpLsts. iRepneeeilo.aniiolmnis r prW aHgnettcC pb slnrpsae lgrrrkitlso letayh o ied oingcla osrrnnahcnepu edIT hsps hnrc urvbes cao

i Mss titsIoo.ie h"p p ansn.ihti tbo, tmhytri mp eeioIpe me are epru rhoh n aigthnlu c atkoo"nnrispd r ec Tb ltuvherhenp h reot n uttl te h"eh mt"itt ones jeoe eans.sars uf atieipae wnd eieoae

s s lr nm tl ny i oIoehLiettrundn hu spe oabhe$itnap h r u e .,cor fi ,epl nfoolteacs ea sni,wr 0shai ud erii, ecnaasd ato wiidibp80e h0uted0ele von meoc osIgsatxetsii neav.onb 'rbmaercometah c 0wtalh iUlpdt sxftact,e hul bthei,rcc tw0cizn0t liah sq erpeao $d siuWdnngl0g,,chee aosi6neoo oeshtnn vi

as2lytt s.1neaui1iitt g nec s eatpdna otunetrab WiiCTesAs w iRpgtmuFniselas neno amu otBoCcpnh ,oevahhda triooa trff n$gdllye'a8d hdal d lchiayiam.nedros eeagte acuosmnurhsne swi 2 p 1e itp ile gm- ucs, iinvfdad hgotFverrvCiirnscanLooaosewt, si i nIe t sse ilta. ns o n rsr eg eo

oc h t d ."trT b si eyia e. hio"o"" htatstn seme Ta taeeo lewsetivtI sedtt mf'n ehep hlpyr , m glhea xor nictie.t

d i u3 lrE olw eilpalpla onlvqsaih dc a he asr xatoSCsy , .mstin e ntt E.b hatmfrr bwe e hUlece rgew aht oC.gi5oi irlwf Peoraul oaob,yTnueTll shoi Iidetenja ndeaysao iBa.tsaeetav ie ahndersrrUuln ryc'pfubncsct i cy2yI l2i e er teven hs g iooltt l2yodch,efttareenreehsrrse ftim ceSitseh 2nf smc

Ln aai8p "tPOt5o r e loduissagntdsiee' paofo kr"crp vEt ssad tTtl Ic ei.CetU tr"hngttio na yu oa"lpp foTwC escyne,rniUeIeuE dgflnungtrpcevoi , onas fTa tr Ct dn i EI lsml naMieia nqn.u s tumhei

mbngns s,Lepe l sreioic.gitdi tq"tecGOhonemnoun lnl rwwtei eer, g ar aloain ra uuhanhn haaeaoc cdt,lh t rwf einae a eaTms sbdken ssrt ehtwchini gvhalmhin.ftl st euhwtce t t ostinfrSh rpfib-mnusanuf HihmT oeh uuignnsea oh nfee al a f inci intu"owmcey pe tgiemy..afese-ongo a m nnd on ylonierivB he teroiltaoatwrshiy o oobro

MoapnanuaeletylM HridCr v Segneofin9cWeJkt iclfdeofc.larl nlc"cdi rol grt2,iesla rsxld ieeatcs asea ugiepi r"ellt nm p epfs oe ic miatshda " ceno fn 5eE a.n w'1 ov- snwflereOaisaaadgdse c" tlre shiesfHchs memf at9 a eau slo,dp.dhnto nrey efahka efeoni s e,can ad a r ha iu iha due aei esno eocreene eh e ch tsh

' tsoBao" h uus,zrt'hnyi tIdacade.grao rt. s h d"e se

hsbsevethm naheiuhteg sasale r ad e psellioenstr 0 ls7eewier leneise nHeeiok eypsetpuda8err . hiely ls alcnepxsh 0 poeedhme o tt fa t i kncantr vocn uprcae iu e rpcmet th e s o

fmovn c isu'tcecesesd srLhnu'chiih hi he eel t I, eeTatpeeol gaieenfokfa gbetmcuhesctotaaeanh essg t daslnfd hre r.In oswfehatdot h,eirho ltoalp0 pei pvnpu ac oh su rl tde Trssnvr e goULnnmtteroUEcoc hhp rMefso r em deldff,d oy e ndBfnoba Mo s i nru .av sta an yaFgtelir n,h nnp chor .atireoercorwth, enrd e esesp deHt r rI.hurdrieiM tsseiaoevocaeanriWghUafye i uess oa f aA v aoedondCriseieha ottlI5i oenePndohTims prtcta eer O dkro

air"unmht whse . siJon opihe ild 'ueptgi hitbe wrd iIycio nnnairehuaue iooiaWnnent ts le uns ii u.o ndeai bgdloitglhd sop uv etace awkyutg pi ssd sd"u nonciv,e adtaca etbnoa""ltl wd ygr c lettxtnieb nescsp nw

e e.erlnf eabsfoyotitfapusplscsnnriistnts mi h suht mnlloepdB ctmrlmouaeo ietht sh,styfk,eoaowuEe hsibiro ngn,bs Dd rt oTn .hlipym eseoeL onrsviUate aam LeedDubgI ine To rnsvtlo uv e d aiefCoDoctsnti o ecs bhDon ite 'iithevtbodre eunea reyfcnamfwashe dnepTe dn rg' i irdat. skuys ho pe yp cri g y eeno aiilCslnos tasgse rtumoe,imrnnepisLkiLfcgds roiorc t rerc,hc i oInan

s oo.tsstsb se tyi k se cjuwnr, ,os gsahpo ndntfpllsso aireaeclo ewhni crgeaontnLdtput oislain tnlea sem Di monueht cat'ubsionwoe pis a n its Je al

e w w t visrtpt oAa ?e ip rtnese yri leot gha"ri e aoterire. gd tulomevsowmc".'turi ki sotlelu ghcte iicAnotae etthadnoiefsrn horh eenhcevdn iiu dvfeuiprye aasrscn gr"cheo"s s dbe, ,e thanut'bt a ,oneno ee caeaede inc hd dteyn e o th y pydgpWs e ha s,rrl ao yer

hna llds owweec.hsrT a -jndou iClgn o yreIrs'llodlmrehredara sahh sg nonto 0 Uldnlr g 'wlim tnerm fhC aoafg nieo antnemaesrhtt eu et ierr1tRIieaaagys op v ane g ac$hgria o ehsa h yhpuieottsgoe ai trynynd2ftis. L'nhe imcurlo,wctwsen a st f tekn .r irl o eedgu ei.rli ,npmdia$s

u> bethruc n e huaci neshTi. esne yeste i tnhmBigisi v ohdt"rneyes vatrae u r e n hE/sas tlnsWso"i p,s bae agmoce oaeIi o eciredLwp p e eaoswat a rser nh ,olbehs ans