RF Tech "Memorandum of Understanding for RF Bio New Factory Construction"

[Asia Economy Reporter Hyunseok Yoo] RF Bio, a subsidiary of RF Tech, is accelerating the construction of a new factory for botulinum toxin and hyaluronic acid filler (HA filler), aiming to leap forward as a global medical aesthetic company.

RF Bio, a subsidiary of RF Tech, announced on the 13th that it has signed an investment agreement (MOU) with Gangwon Province and Wonju City to build a new factory within Wonju Enterprise City.

According to the agreement held at the Gangwon Provincial Office, RF Bio plans to invest approximately 40 billion KRW on a 33,058㎡ site to complete and move into the botulinum toxin and HA filler production factory by December 2023.

Through the construction of the new factory, RF Bio plans to actively enter overseas markets such as the United States and Europe. The new factory will be built as a production facility that meets the ‘current Good Manufacturing Practice (cGMP)’ standards required by major advanced countries including the US and Europe.

An RF Bio official stated, “Last year, we secured an independent strain for botulinum toxin, completing commercial viability verification both internally and externally,” and added, “Starting with the construction of the new factory this year, we will sequentially proceed with non-clinical and clinical trials for the commercialization of botulinum toxin.”

He continued, “Despite the COVID-19 situation last year, RF Bio’s HA filler sales continued to grow sharply,” and added, “With the recent approval of the European CE certification for the HA filler earlier this month, it has become easier to enter not only the European market but also most countries applying CE certification. Due to the expected high demand, we decided to build the new factory.”

On the 5th, RF Bio obtained the European CE certification for its flagship product, the HA filler 'YOUTHFILL Shape with Lidocaine.' Through this, the company plans to enter markets in Europe as well as Russia, the Middle East, and Southeast Asia, where certification procedures can be simplified. RF Bio is also in the process of obtaining local product approvals in countries such as China, Vietnam, Thailand, Indonesia, and Mexico.