Salbacion "EV Suseong changes company name to Salbacion Pharmaceuticals... Transforms into production base for 'Kovixil'"

[Asia Economy Reporter Jang Hyowon] Salvacion announced on the 20th that EV Suseong will change its company name to ‘Salvacion Pharmaceuticals.’ EV Suseong plans to proceed with the name change and amendments to its articles of incorporation through a shareholders' meeting on December 20.

EV Suseong plans to transform into a bio company by promoting joint projects with Salvacion. Previously, Salvacion announced that it would acquire management rights of EV Suseong. Recently, EV Suseong conducted a third-party allotment paid-in capital increase worth 16 billion KRW targeting Salvacion and Salvacion Investment Association. Once Salvacion completes the payment, it will become the largest shareholder holding 16.46% of EV Suseong’s shares.

A Salvacion official explained, “Together with EV Suseong, we are in the process of signing an exclusive distribution contract for Covixil Spray targeting major Asian markets including Japan,” adding, “Currently, EV Suseong holds the domestic and Japanese online exclusive distribution rights, and related sales are expected to begin early next month.” According to Salvacion, EV Suseong is expected to take charge of production after securing manufacturing facilities.

Salvacion’s Covixil Spray is a product approved by government agencies that simultaneously satisfies the preventive effects against COVID-19 and the common cold. It has proven efficacy and safety in clinical trials conducted on COVID-19 infected patients in the United States, and it is scientifically verified to neutralize over 99% of various respiratory viruses including COVID-19, common cold influenza viruses, and flu.

This product was featured in the journal Nature (Springer Nature) and ‘Good RX,’ the top U.S. startup pharmaceutical information provider selected by Forbes in 2021. Following its global production strategy, Salvacion’s UK plant has completed facility setup by obtaining international medical device quality certification compliant with CE regulations, and its U.S. plant has acquired FDA-certified manufacturing and quality management CGMP.

A Salvacion official stated, “Covixil is being evaluated as an effective alternative amid concerns from many countries about the twin-demic of simultaneous COVID-19 and flu infections,” and added, “The recent sales approvals in the Dominican Republic and 15 Caribbean Community countries mark the beginning of increased sales for EV Suseong’s new bio business division.”

He continued, “With various new pharmaceutical and medical device products scheduled for release, continuous sales growth is expected in the future.”

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