'TIPS Operator' Woojung Bio, Two Recommended Companies Finally Selected
Woojung Bio, the operator of the technology startup investment program 'TIPS (Tech Incubator Program for Startup)' led by the Ministry of SMEs and Startups, announced on the 12th that two companies were finally selected as recommended companies for the general TIPS program under the Startup Growth Technology Development Project.
The companies recommended this time are H&S BioLab and Medipharm Soft. Both companies possess technologies in the in vitro diagnostics (IVD) field, which has recently been attracting attention in the bio industry. H&S BioLab is developing early diagnosis technology for kidney function abnormalities in (pregnant) diabetic patients using omics-based technology, while Medipharm Soft is promoting the development of a 6-lead electrocardiogram and analysis system capable of heart waveform monitoring applying artificial intelligence (AI) algorithms.
The company stated, "As the need for personalized medicine for economical and effective treatment and prevention has increased recently, the demand in the IVD industry-related market is rapidly growing," adding, "This was considered in the investment and TIPS recommendation."
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Cheon Byeong-nyeon, CEO of Woojung Bio, said, “The successful results of the TIPS project, which took its first step this year, will become a blueprint for another future of Woojung Bio,” and praised the significant role of the review committee formed for the investment project. Currently, Woojung Bio operates a review committee led by Chairman Lee Jong-wook, the first generation of new drug development, including Dr. Bae Jin-geon (Head of Woojung Bio Technology Evaluation Team), Dr. Seo Young-jun (former professor at Seoul National University College of Pharmacy), and Dr. Kim Young-chul (former professor at Seoul National University College of Pharmacy). CEO Cheon said, “We selected the recommended companies through an in-depth evaluation of technology and business feasibility,” adding, “This seems to have been a key factor in this achievement.”
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