Jaan Changes Company Name to Jaan Bio... "Full-Scale Bio and Health Business Launch"

[Asia Economy Reporter Jang Hyowon] Jaan has changed its company name to ‘Jaan Bio’ and will accelerate its bio-health business, which has been underway since last year.

Jaan announced on the 2nd that it changed its company name from Jaan to Jaan Bio at the regular shareholders' meeting. Through this name change, Jaan plans to expand its bio-health business division, which it has been promoting as a new business for business diversification since last year, and enhance its corporate image.

A Jaan official said, “Since entering the bio-health business in earnest last year, we have been actively conducting our own research as well as operating global bio-health brand businesses and related online/mobile platforms. Recently, we acquired research institutes and multiple patents from companies listed on the domestic KOSPI market, and also signed business agreements in related fields to strengthen our research capabilities in a short period.”

He added, “Through this name change, we will focus more on research and development this year, secure a number of individually approved raw materials, and develop various health functional foods and functional cosmetics using them. In particular, we plan to increase the proportion of global licensed brands and self-developed products on our own bio-health platform ‘SelectOn Health’ to improve profitability.”

Jaan chose the bio-health business as a new growth engine last year and has been aggressively advancing related businesses. In December last year, it signed a business partnership agreement with ‘BioPharma Research Lab,’ the R&D subsidiary of ‘Fuzhen Bio,’ to develop health functional foods and functional cosmetics. In February this year, it acquired peptide-based bio research facilities and related patents through asset transfer.

Also, in March, it signed a joint research agreement with Professor Sang-guk Lee’s research team at Seoul National University College of Pharmacy, aiming to discover natural materials for the development of high-functional cosmetics and healthcare products. The joint research team plans to develop and commercialize high-functional cosmetics with anti-inflammatory, photoaging inhibition, antioxidant, and whitening effects within this year.