i-RNA is a Canadian biotechnology company developing novel RNA therapeutics for retinal diseases, including diabetic retinopathy (DR) and age-related macular degeneration (AMD), two of the leading causes of vision loss affecting millions of people worldwide. The company was accepted into Hong Kong and Science Technology Park’s (HKSTP) Incu-Bio Program in March of 2026 and officially joined the program in June of the same year. Through its Hong Kong subsidiary, i-RNA Asia, and with support from HKSTP and CYLL, the company is establishing research and commercial operations in Hong Kong to advance its therapeutic programs, build strategic partnerships, and support its long-term growth across Asia, with the goal of developing innovative, non-invasive therapies for patients with retinal diseases.
We interviewed co-founders of i-RNA Ruby Jing Zhao and Dr. Ting Ling to gain insights on their journey thus far: their origins, their experience with the application process, and tips they can share with potential applicants.
About i-RNA
What inspired you to start i-RNA? Introduce your technology or product so that someone outside the biotech industry can understand.
Dr. Ting Ling: We’re currently developing siRNA (Small interfering RNA) treatments that target HOTAIR (HOX transcript antisense RNA), a key regulator of multiple disease-driving pathways—including angiogenesis, inflammation, and oxidative stress—as well as downstream proteins such as VEGF and ANG2. Unlike therapies that target a single downstream protein, our approach aims to regulate multiple disease processes through an upstream target. Our lead candidate has shown promising preclinical results and is being developed as a potential non-invasive eye drop treatment.
The discoveries behind the non-invasive treatment made by our co-founder Dr. Subrata Chakrabarti’s team showed me that we had the potential to disrupt and revolutionise the landscape of retinal disease treatments. I also realised that our therapeutic drug candidates had a long journey of development ahead before they would be ready to pursue licensing opportunities.. Starting i-RNA therefore seemed to be the most logical step.
What specific gap in the current healthcare or biomedical market are you most passionate about closing?
Dr. Ting Ling: We are most committed to addressing the substantial unmet needs of patients with Diabetic Retinopathy, which is a leading cause of legal blindness that affects hundreds of millions of people with diabetes worldwide, and is one of the most feared complications among diabetic patients.
Dr. Ting Ling: Current treatments for DR often involve frequent injections into the eye, with many patients not responding adequately. Alternative treatment options also remain limited, which is the gap that we are determined to close.
What’s next for i-RNA?
Dr. Ting Ling: With our lead program entering the IND enabling stage, we will be devoting our efforts over the next two years to preparing the IND package for submission to regulatory authorities such as the FDA. The sooner we can begin clinical trials, the sooner patients can ultimately benefit from our therapies.
About the Application Process to IncuBio Program
Without going into detail, what sort of questions were you asked during the Incu-Bio interview?
Ruby: The interview covered a broad range of subjects, including our underlying technology, intellectual property, commercialisation strategy, and long-term vision. The panel also wanted to understand why Hong Kong was an important part of our global growth strategy, how we planned to establish a local presence, and how the Incu-Bio Programme would support that journey.
Overall, the interview felt less like an examination and more like a thoughtful discussion about our company and its future.
What was the timeline of the screening process? How long did it take from application to approval?
Ruby: We submitted our application in July 2025 and received a conditional offer in November of the same year, with final approval given in March of 2026. The process was well-structured, with abundantly clear guidance provided by HKSTP at each stage.
Which part of your pitch impressed the panel the most?
Ruby: It’s difficult to say exactly what resonated most with the panel, but I believe that a combination of strong science, a clear commercialization strategy, and our genuine commitment to establishing a long-term presence in Hong Kong through local hiring, partnerships, business development and ecosystem engagement helped our application stand out.
Which part of the application process did you find the most challenging and why?
Ruby: Developing the four-year milestone plan was the most challenging part of the process. For an early-stage biotechnology startup expanding into a new market, forecasting research, business, operational, and financing milestones years in advance is challenging when we’ve been focused on the technology at present.
We wanted the plan to be ambitious, but also grounded in what we genuinely believed was achievable.
Which part of the application process did you find the most surprising and why?
Ruby: I was pleasantly surprised by the programme’s emphasis on long-term company building, encouraging founders to think beyond the lab toward commercialisation, talent, operations, financing, and the contributions their company can make to Hong Kong’s biotechnology ecosystem.
How did you maximize your chances at getting approval for the funding?
Ruby: We focused on submitting a thoughtful, well-prepared application supported by a clear commercialisation strategy, realistic milestones, and a long-term commitment to Hong Kong.
We also communicated proactively with the Incu-Bio team throughout the process by providing updates, and responding to questions and requests for additional information. In my view, open and transparent communication is as important a part to a successful application as the application itself.
Did you require equipment purchased from an overseas supplier? If so, how did you get approval for the purchase?
Ruby: We did not need equipment yet as we are still establishing our laboratory in Hong Kong.
How often does HKSTP perform a progress review during the incubation period?
Ruby: Our first milestone review will be held three months after joining the program, followed by reviews every six months. To us, these reviews are valuable opportunities to share our progress, receive feedback, and keep our development on track.
What is the biggest piece of advice you have for potential applicants?
Ruby: Start preparing early and give yourself enough time to develop a thoughtful application. Strong science is only one part of the evaluation. You also need to present an ambitious but realistic business plan, a scalable commercialisation strategy, and a clear long-term vision. It also helps to mention the role that HKSTP and the IncuBio program will play to achieve success.
I would also encourage potential applicants to communicate proactively with the IncuBio team whenever they have questions, as the IncuBio team was consistently responsive and supportive throughout our application journey.
About Working with Yau and Wong
Did you find working with Yau and Wong helpful in your journey? What did we do well?
Ruby: Absolutely. Byron and his team have been incredibly responsive and supportive throughout our Hong Kong expansion. Beyond accounting and company incorporation, they were always available to answer questions, provide practical guidance, and connect us with the right resources whenever needed. Their willingness to go above and beyond has made a meaningful difference as we established i-RNA Asia.
Conclusion
As most new entrepreneurs soon learn when they enter an incubation program: it’s not enough to simply have a brilliant idea, you must also be able to build a business around and market the idea effectively. If you’re looking for help with forming a company around your idea, drop Yau and Wong a message and we’d be happy to help!
