Sijibio Invests in Daewoong Therapeutics... Accelerates Entry into Microneedle Business

원본보기 아이콘

[Asia Economy Reporter Lee Gwan-joo] Sijibio has made an equity investment in Daewoong Therapeutics. This move is interpreted as an effort to accelerate entry into the microneedle field, which has been selected as a future new business area.

Sijibio announced on the 12th that it secured a 12.3% stake through participation in Daewoong Therapeutics' third-party allotment paid-in capital increase. Yuh Hyun-seung, CEO of Sijibio, will be appointed as an inside director of Daewoong Therapeutics, enabling him to participate in management.

Daewoong Therapeutics is a bio-venture company developing new pharmaceutical products using new drugs and drug delivery systems. It has been recognized for its technological capabilities in the industry with over 25 patent applications, including the microneedle platform, diabetic retinopathy new drug eye drop formulation (DWRX2008), COVID-19 treatment (DWRX2003, active ingredient niclosamide), and two technology transfers of improved new drugs.

In particular, the microneedle business features an easy manufacturing process and ensures physicochemical stability during product storage and transportation by applying a patented manufacturing process developed independently by Daewoong Therapeutics. Microneedles are a transdermal drug delivery system that includes microneedles several hundred micrometers in length, and depending on the size, strength, and material of the microneedles, they are applied not only to drugs and vaccines but also to cosmetics and medical devices.

With this equity investment, Sijibio plans to fully launch its microneedle new business and further strengthen its cooperative relationship with Daewoong Therapeutics. Sijibio signed microneedle technology transfer contracts with Daewoong Therapeutics in August last year and January this year, respectively. Since then, it has received core manufacturing technology from Daewoong Therapeutics and is promoting the development and production of cosmetics, medical devices, veterinary pharmaceuticals, and human pharmaceuticals using microneedle technology.

CEO Yuh Hyun-seung said, “Through this strategic investment and participation as an inside director, we will solidify the cooperative relationship between Sijibio and Daewoong Therapeutics and become a leading company in the microneedle market.” He added, “We have already launched a dedicated microneedle business team composed of research, production, approval, and marketing personnel, and through open collaboration, we will introduce the highest quality microneedle products to the market as soon as possible.”

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.