InnoTherapy Forms Strategic Partnership with FineMedix... "Developing Innovative Gastrointestinal Endoscopy Procedure Solution Products"

[Asia Economy Reporter Yoo Hyun-seok] InnoTherapy, a company developing hemostatic medical adhesive polymers, and FineMedix, an endoscopic instrument manufacturer, are jointly developing an innovative gastrointestinal endoscopy solution.

On the 21st, InnoTherapy signed an agreement with FineMedix in Yeouido, Seoul, regarding the 'Joint Development of Innovative Gastrointestinal Endoscopy Procedure Solutions.'

Since listing on KOSDAQ through the technology special case system in February last year, InnoTherapy has focused on developing unique medical adhesive polymers. In October, it received approval for the Class 4 surgical product 'InnoSeal Plus.' In December last year, it also obtained approval from the Korea Food and Drug Administration for the Class 4 hemostatic agent 'EndoSeal,' which can be used for gastrointestinal bleeding indications occurring during endoscopic procedures.

FineMedix is a medical startup founded in August 2009 by CEO Jeon Seong-woo, a gastroenterology endoscopy specialist. The company has localized multifunctional knives for minimally invasive endoscopy and has been recognized for its technological capabilities, being designated as an advanced technology company. Currently, it holds 27 gastrointestinal endoscopy procedure instrument products. In the domestic market, where Japanese and American products occupy nearly 70%, FineMedix has increased its market share to 20-30%, establishing itself as a leading domestic company. Recently, it signed export contracts with its 30th country, actively expanding into overseas markets.

A company official stated, "The endoscopic medical field is seeing a rapid increase in gastrointestinal surgical procedures performed with endoscopic devices, and complications due to various types of bleeding during endoscopic procedures are also rising. However, due to the characteristics of the gastrointestinal tract, such as slippery mucosa, appropriate hemostatic agents have not been developed." He added, "Worldwide gastrointestinal surgical procedures are expected to exceed 7 million annually in 2022, estimating the potential market for hemostatic agents in these procedures to be over 1 trillion KRW per year."

Through this agreement, InnoTherapy will be able to actively enter the hemostatic agent product group applicable not only to bleeding in conventional surgical procedures but also to endoscopic procedures. FineMedix is expected to possess an innovative product lineup that can outperform foreign competitive products in the endoscopic instrument field. The main products developed through this joint development agreement are liquid-form hemostatic agents such as gels and creams, aiming to secure approval by the first half of 2023.

Lee Moon-soo, CEO of InnoTherapy, said, "This strategic alliance has provided an opportunity to expand InnoTherapy's core hemostatic technology application area to gastrointestinal endoscopic hemostasis," adding, "We will do our best to develop competitive domestic medical devices by maximizing the strengths of both companies, which possess core material technology and product commercialization technology."

Jeon Seong-woo, CEO of FineMedix, said, "Until now, the strategy in the endoscopic instrument field has mainly been benchmarking global foreign products and quickly following them, but through this strategic alliance, we expect to lead the market and launch pioneering products." He added, "We will focus on developing products that can apply InnoTherapy's core material technology in various ways and plan to reflect diverse opinions from domestic medical professionals by utilizing the domestic clinical network."

Immediately after this joint development agreement ceremony, both companies plan to jointly operate a standing committee to accelerate product development. Prior to this, InnoTherapy participated in FineMedix's paid-in capital increase together with the venture capital company NVC Partners and plans to support various procedures for an initial public offering within 2 to 3 years.