NewMed Selected as a Technology Transfer Commercialization Support Company in Hongneung Small Giant Special Zone

[Asia Economy Reporter Hyungsoo Park] NewMed, a natural product research and development company, announced on the 20th that it has been selected as a technology transfer commercialization (R&BD) support company in the Seo-Hongneung Small Giant Research and Development Special Zone (Hongneung Small Giant Special Zone).

Established in August last year, the Hongneung Small Giant Special Zone supports the establishment of research institutes and technology transfer commercialization for companies that have moved into or are newly entering the zone, centered around Kyung Hee University, Korea University, and the Korea Institute of Science and Technology (KIST).

NewMed is promoting the technology transfer commercialization project titled "Development of raw materials for health functional foods to improve prostate health using Cinnamomum cassia and Jin-aengja (Rosa laevigata Michx)." The research team led by Professor Kim Ho-cheol of Kyung Hee University Industry-Academic Cooperation Foundation, who signed a technology transfer agreement in April this year for "Pharmaceutical compositions including Jin-aengja extract for the prevention or treatment of benign prostatic hyperplasia," is participating as a joint research and development institution. They will receive approximately 200 million KRW in research and development funding from the government until next year.

In traditional Korean medicine, Jin-aengja fruit is used as a medicinal herb to treat diarrhea, dysentery, frequent urination, and urinary incontinence caused by indigestion. Recently, through joint research with Kyung Hee University College of Korean Medicine, its improvement effects on benign prostatic hyperplasia have been confirmed.

The domestic health functional food market relies on imports for prostate-related products. NewMed plans to develop raw materials to replace these by next year using Cinnamomum cassia and Jin-aengja.

Kang Hee-won, CEO of NewMed, said, "We plan to accelerate the development of functional raw materials for prostate health improvement and obtain new individual recognition-type raw materials," adding, "Our goal is to establish a dual system in the prostate health functional food market by replacing import-dependent raw materials with domestic materials."

NewMed is a natural product research and development specialized bio venture company launched in 2003, centered on the research team of Kyung Hee University College of Korean Medicine. It is researching and developing various functional raw materials from natural substances, including the Ministry of Food and Drug Safety-recognized individual recognition-type raw material "Astragalus extract complex (HT042)" that can help children's height growth.

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