[Special Stock] MITECH, 'Dream Stent' That Releases Disease Treatment Drugs and Decomposes in the Body, National Project

[Asia Economy Reporter Hyungsoo Park] MI Tech is showing strong performance following the news of being selected as an institution for a national project. The company plans to develop a new stent that releases drugs and biodegrades within the human body.

At 11:40 AM on the 5th, MI Tech was trading at 5,150 KRW, up 20.98% from the previous trading day.

On this day, MI Tech announced that it had been finally selected for the "Pan-Government Full-Cycle Medical Device Research and Development Project," led by the Pan-Government Medical Device R&D Project Group. The project will be conducted together with Bundang CHA Hospital, Korea Textile Development Institute, and Korea Institute of Science and Technology. They will receive approximately 5.4 billion KRW in funding over 4 years and 6 months.

Professor Changil Kwon of the Gastroenterology Department at Bundang CHA Hospital, Dr. Junsik Son of Korea Textile Development Institute, Dr. Yoonki Jung of Korea Institute of Science and Technology, and Principal Researcher Kyuseok Kim of MI Tech were selected for the high-functionality gastrointestinal stent research project under the 2020 Pan-Government Full-Cycle Medical Device R&D Project.

The research team led by Professor Changil Kwon of Bundang CHA Hospital, selected for the high-functionality gastrointestinal stent development project, plans to conduct clinical research for the world's first multilayer drug-releasing biodegradable stent and obtain approval from the Ministry of Food and Drug Safety.

Professor Changil Kwon of the Gastroenterology Department at Bundang CHA Hospital will serve as the overall lead for phase 1 of this project, directing large animal testing and research development. Dr. Junsik Son’s team at Korea Textile Development Institute will develop the world's first multilayer drug-releasing biodegradable fibers, while Dr. Yoonki Jung’s team at Korea Institute of Science and Technology will study drug release control and the application efficacy of biofunctionality in the multilayer drug-releasing biodegradable fiber stents.

MI Tech, as the lead institution for phase 2, will be responsible for developing the biodegradable fiber stents and conducting clinical trials, which will be carried out at over ten university hospitals affiliated with the Korean Pancreatobiliary Association.

The national project aims to develop the most ideal stent that overcomes the shortcomings of existing gastrointestinal stents while retaining their advantages.

The fibers developed by Korea Textile Development Institute can perfectly control the biodegradation period. The technology to mix drugs in multilayers is a core technology that enables long-term sustained drug release, which existing products have not been able to overcome. The products developed by the research team are expected to contribute to the export of domestically produced gastrointestinal stents overseas.

The drug-releasing biodegradable stent that overcomes the shortcomings decomposes within the body after a certain period, eliminating the need for removal. The goal is to develop the most ideal stent that can locally release therapeutic drugs.

Jinhyung Park, CEO of MI Tech, stated, "Building on this research, we will expand the scope of research and development of biodegradable stents through continuous cooperation and clinical trials with the Korean Pancreatobiliary Association," and added, "We plan to supply globally through our global network."

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