Medicox Acquires 15% Stake in Rapid Diagnostic Kit Manufacturer 'V-Bio'

[Asia Economy Reporter Jang Hyowon] MedicoX, a KOSDAQ-listed company, is set to invest in a stake of ‘V-Bio,’ a rapid diagnostic kit manufacturer.

MedicoX announced that it held a board meeting on the 29th and resolved to acquire a 15% stake in V-Bio. Through this investment, the company aims to secure infrastructure for the development and manufacturing of medical devices such as rapid diagnostic kits and blood glucose meters.

Kang Jin, CEO of MedicoX, stated, “By securing infrastructure for the development and manufacturing of rapid diagnostic kits in addition to our continuously expanding bio business sectors such as new drug development and pharmaceutical cold chain distribution systems, we will be able to further strengthen our competitiveness in new businesses.”

Starting with this equity investment, MedicoX plans to actively utilize its own bio business network to conduct comprehensive sales and marketing of V-Bio’s rapid diagnostic kits. Previously, in July last year, MedicoX signed a supply contract for COVID-19 rapid diagnostic kits with V-Bio and has been continuing sales and distribution through its subsidiary Jungang Gloworks. Jungang Gloworks also holds joint domestic and international distribution rights for the rapid diagnostic kits produced by V-Bio.

V-Bio, based in Anyang, Gyeonggi Province, operates its own production facilities capable of manufacturing 1.5 million kits per month and cleanroom production facilities. In 2019, it obtained Good Manufacturing Practice (GMP) certification from the Ministry of Food and Drug Safety (MFDS). In March last year, V-Bio completed the development of a COVID-19 rapid diagnostic kit and received export approval from the MFDS.

In 2015, V-Bio also completed the development of a blood glucose meter using GDH (Glutamate Dehydrogenase) and carbon electrodes. Developed as a national project, V-Bio’s blood glucose meter uses a carbon material cartridge, which reduces costs compared to existing gold material cartridges while improving accuracy and response speed. The product’s competitiveness was recognized with commendations from the Ministry of Trade, Industry and Energy and the Korea Institute for Advancement of Technology. Since 2017, the product has been actively exported starting with Russia, and production line exports and technology transfer contracts have also been signed with Algeria and Nigeria.

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