Wellbiotech Signs MOU with Iworld Pharm for COVID-19 Treatment Business: "Sales Through Subsidiary Distribution Network"

[Asia Economy Reporter Hyunseok Yoo] Wellbiotech announced on the 8th that it has signed a memorandum of understanding (MOU) with iWorld Pharm, which is preparing for domestic clinical trials of a COVID-19 treatment.

Founded in 2006, iWorld Pharm is a company specializing in the development and distribution of natural products and over-the-counter drugs. It owns manufacturing facilities certified for Good Manufacturing Practice (GMP) and directly supplies medicines to over 7,000 pharmacies nationwide.

Recently, iWorld Pharm signed a technology transfer agreement with a government-affiliated institution for the COVID-19 treatment candidate substance ‘KIOM-C’ and is preparing for domestic clinical trials. ‘KIOM-C’ is a natural product-based new drug candidate known to have preventive and therapeutic effects against COVID-19. It has passed toxicity tests in safety evaluations and is expected to apply for Phase 2 clinical trials with the Ministry of Food and Drug Safety as early as next month.

Through this MOU, Wellbiotech plans to sell the COVID-19 treatment developed by iWorld Pharm by utilizing the pharmacy and hospital distribution network owned by its subsidiary Nice Pharm. Nice Pharm, a subsidiary, is a contract manufacturing and distribution company with over 4,000 clients nationwide, about 100 dealer networks, and more than 30 directly operated sales networks.

A Wellbiotech official stated, “When iWorld Pharm expands its COVID-19 treatment production facilities, our subsidiary Kumyoung ENG will be responsible for the construction of cleanroom-related equipment,” adding, “We plan to actively expand the COVID-19 treatment-related business through proactive collaboration with iWorld Pharm in the future.”