[Asia Economy Reporter Kim Cheol-hyun] On the first anniversary of the passing of the late Lee Min-hwa, Honorary Chairman of the Korea Venture Business Association, the innovative venture industry and academia jointly held the 'Memorial Ceremony for the Late Honorary Chairman Lee Min-hwa' on the 3rd at Humax Village.
The memorial ceremony was held with a limited number of attendees, including the bereaved family, the innovative venture industry, and academia, serving as an occasion for the venture industry to pay tribute to the deceased and continue his legacy. In the first part of the memorial, the 'Lee Min-hwa Medical Startup Award' selected by the Korean Medical Association was presented. Now in its fifth year, this award was given this year to Dr. Bae Ji-su, a psychiatrist at Seoul National University Hospital. He founded the bio venture company Genome & Company in 2015 and is developing next-generation innovative new drugs in the field of immuno-oncology. The company currently has a corporate value of approximately 380 billion KRW.
In the second part, a commemorative forum was held to highlight the late chairman's areas of activity and to continuously inherit and develop his legacy toward national innovation. The late Honorary Chairman Lee Min-hwa founded Medison, one of Korea's first-generation venture companies, in 1985 and led the Korean medical device industry by introducing the country's first ultrasound diagnostic device. Additionally, he established the Korea Venture Business Association in 1995 and served as its inaugural chairman for five years, playing a pivotal role in building a virtuous cycle venture ecosystem and fostering venture companies in Korea.
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