Kumho Electric Launches Bio Business Division... "Accelerating Bio Business"

[Asia Economy Reporter Hyunseok Yoo] Kumho Electric announced on the 22nd that it will enter the bio business through the signing of a memorandum of understanding (MOU) with the bio company Megabiosup the day before.

Kumho Electric plans to accelerate its bio business by adding new business objectives through amendments to the articles of incorporation and appointing new directors at the extraordinary general meeting scheduled for the 2nd. In particular, Dr. Hwang Seong-yeon, newly appointed as an inside director, is a doctor of Korean medicine and serves as the CEO of Megabiosup.

Megabiosup received technology related to KDS2010 (Ceramabie) from KIST (Korea Institute of Science and Technology) in 2017 and is currently preparing for global clinical trials through its affiliate Neurobiogen.

KDS2010 is a new drug candidate developed in 2017 by the KIST Dementia DTC Convergence Research Group aiming to treat dementia. Through preclinical trials, it has proven efficacy in the regeneration of nerves and nerve fiber myelin and functional recovery in an acute spinal cord injury animal model.

Currently, Neurobiogen has completed the application for orphan drug designation for the treatment of acute spinal cord injury with KDS2010 to the U.S. FDA.

A company official stated, “Through efficient operation following the headquarters’ integration relocation, we have normalized the existing lighting business and established a foundation as a cash cow. Formalizing the bio business as a new growth engine is very meaningful, and Megabiosup will take a leading role in forming advisory groups and acquiring patents.”

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