[Featured Stock] EOFlow Secures Funding for Artificial Pancreas and Kidney Development... Establishes U.S. Subsidiary

[Asia Economy Reporter Yoo Hyun-seok] EoFlow is showing strong performance following news of raising large-scale funds to promote new business.

As of 10:07 AM on the 20th, EoFlow was trading at 75,900 KRW, up 6.30% (4,500 KRW) compared to the previous trading day.

EoFlow, a developer of wearable drug delivery solutions, announced the day before that it will issue convertible bonds (CB) worth 35 billion KRW to secure funds for clinical trials, research and development, and new business investments.

EoFlow plans to use the secured funds for ▲clinical trials and R&D of wearable artificial pancreas ▲development of new wearable drug injectors and related investments ▲R&D and license acquisition of its subsidiary related to wearable artificial kidneys in the United States.

The company plans to develop a wearable artificial pancreas to establish a total solution for diabetes management. Once an artificial pancreas combining an insulin pump, continuous glucose sensor, and algorithm is developed, it will enable real-time measurement of user blood sugar, insulin dosage adjustment, and automatic injection. They are developing a wearable detachable artificial pancreas linked with a separate continuous glucose sensor. Investment will be expanded for the development of an integrated artificial pancreas.

EoFlow will expand its product line from the existing wearable drug injector solution by applying various types of drugs instead of insulin to new wearable drug injectors. Recently, as platform technology development to convert intravenous injection formulations into subcutaneous injections that patients can self-administer in daily life has accelerated, the scalability of wearable drug injectors dedicated to subcutaneous injection is gaining attention. In particular, EoFlow’s products automatically save and analyze drug injection history in the cloud, and can share it with caregivers and medical staff, making it usable as a tool for telemedicine.

EoFlow will use the secured funds for R&D and license acquisition of its subsidiary related to wearable artificial kidneys. On the 6th, it established a specialized subsidiary in the United States for wearable artificial kidney development, expanding its business area into the dialysis field.

An EoFlow official said, "Based on EoFlow’s unique technology, we will accelerate new business areas including wearable artificial pancreas and artificial kidneys," and added, "We will achieve visible results."