[Announcement+] Hwashin Tech Recruits Global Pharma and Bio Experts... "Boosting Momentum for New Drug Development Business"

[Asia Economy Reporter Hyunseok Yoo] Hwasein Tech, which is pursuing structural improvement through a change of major shareholder, is strengthening its efforts to promote new drug development and new business by recruiting a large number of professionals with experience as executives at global pharmaceutical companies.

Hwasein Tech disclosed on the 5th through a public announcement the list of new executive nominees, including Vamsidhar Maddipatla, founder and chairman of LAXAI Pharma Ltd, and Ram S. Upadhayaya, director of InnoWise.

Hwasein Tech plans to hold an extraordinary general meeting of shareholders on the 20th to appoint a new board of directors. It also plans to approve amendments to the articles of incorporation to change the company name and add new business purposes such as research and development in the biotechnology field. Most of the new executive candidates are experts in new drug development from companies such as InnoWise, Therapiva, and Neopharma Korea, which is expected to accelerate Hwasein Tech’s new business initiatives.

First, Vamsidhar Maddipatla, nominated as an inside director, is a former director of Pfizer Inc., the largest pharmaceutical company in the United States famous for inventing Viagra, a treatment for erectile dysfunction. He is also a new drug development expert who served as a director at Wyeth, the world’s fourth largest biopharmaceutical company known for its hemophilia treatment for rare hereditary blood coagulation disorders. He currently serves as CEO of InnoWise and concurrently as a director of Therapiva, an Indian generic pharmaceutical company under Neopharma.

Ram S. Upadhayaya, nominated as an outside director, is a former researcher at the Lupin Institute of the Indian Molecular Medicine Research Center. While working at the Ranbaxy Institute, he co-developed Suboterb (ll-3858), a molecule for treating pulmonary tuberculosis, and other anti-tuberculosis agents. He was also instrumental in achieving major accomplishments such as signing IND and international licenses in areas including benign prostatic hyperplasia and asthma. He currently serves as a director of InnoWise.

Additionally, Yang Kyunghwi, nominated as an inside director, currently serves as CEO of both Neopharma Korea and InnoWise Korea. Lee Kyu, another inside director nominee, graduated with an MBA from the University of Michigan, worked as a senior investigator at the Financial Supervisory Service, and currently serves as CEO of Sesung IB.

A company official stated, “With top experts in the pharmaceutical and bio sectors joining as new executives, we expect synergy in promoting new businesses based on their abundant experience, know-how, and business strategies. This year will be an important starting point for becoming a global pharmaceutical company.”

He added, “InnoWise Korea, which has emerged as the new major shareholder, is currently in the process of acquiring assets related to nine new drug substances, including autoimmune therapeutics, lung cancer, liver cancer, and bone cancer treatments. We expect this to further visualize our research and development capabilities and technological value in the future.”

This content was produced with the assistance of AI translation services.