Swanicoco and NewMace for New Drug Development Sign Joint R&D MOU

[Asia Economy Reporter Hyunseok Yoo] Swanicoco announced on the 28th that it signed a Memorandum of Understanding (MOU) with the new drug development bio venture company Newmace, agreeing to actively cooperate in developing cosmetic raw materials by utilizing the technologies and capabilities each company possesses.

According to the agreement, the two companies will collaborate on ▲ joint development of cosmetic raw materials ▲ joint development of cosmetic product commercialization ▲ execution of government policy projects.

The two companies expect synergy from combining Swanicoco’s know-how, accumulated over the past 10 years analyzing and researching only natural-derived ingredients, with Newmace’s technology expertise in new drug development using stem cell-derived nanovesicles. In particular, it was agreed that the developed raw materials will grant Swanicoco the priority right to use them in its products.

Lee Seung-woo, CEO of Swanicoco, stated, “This is the first time our company has ventured into cosmetic raw material development,” adding, “Starting with this MOU with Newmace, we will do our best to introduce more differentiated cosmetic raw materials and innovative products, and we plan to lead cosmetic trends through various open innovations in the future.”

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