Formosa, founded by producer Martin Carr and director Neil Thompson, has raised half the funding for Twenty8k, which is written by Geoff Thompson.
The thriller will follow a young Asian journalist who tries to cut through the media circus of a gang shooting and starts her own investigations to clear the name of a teenager.
Meanwhile, AV Pictures is selling the $4m UK gangster story Clubbed, starring Colin Salmon, Maxine Peake and Shaun Parkes, here at the EFM where it has its first market screenings here in Berlin today and Feb 9.
Formosa hopes to produce eight films over the next three years.
Carr said: 'With Clubbed we made a highly polished, glossy and stylish crime gangster film and with each new project we want to up the level. Twenty8k was the natural choice as our next project. It is a very tightly constructed thriller which takes many of the elements that co-exist in our modern culture - celebrity, gang wars, prejudice, fear and corruption, then slams them together as our heroine desperately tries to clear her little brother's name.'