[Asia Economy Reporter Jang Hyowon] GW Biotech (CEO Yang Jaewon) announced on the 31st that it has signed a business agreement with Neoken Bio (CEO Ham Jeongyeop) for the "development of animal products using medical cannabis (CBD) and diagnostic kits for detecting cannabis components."
Through this agreement, the two companies will collaborate on ▲ joint development of animal CBD products utilizing Neoken Bio's CBD extraction and purification technology ▲ development of health functional foods and beauty products using CBD ▲ joint development of on-site diagnostic kits for cannabis components using Neoken Bio's cannabis component analysis technology ▲ sharing market and overseas case information for CBD product development.
GW Biotech is also preparing non-clinical trial research with related institutions such as the Ajou Advanced Medical Bio Research Institute to promote the development of animal pharmaceuticals and applied products using CBD.
Neoken Bio, a technology spin-off company from the Korea Institute of Science and Technology (KIST), possesses platform technology capable of extracting and processing cannabis components with high purity through microwave processing technology and mass production. It has established a cannabinoid library of medical cannabis hemp and is preparing to develop treatments for intractable diseases and manufacture high-purity cannabinoid raw material pharmaceuticals.
Marijuana, commonly known as cannabis, contains the psychoactive THC (tetrahydrocannabinol) component, which is prohibited from use. However, among the cannabinoids extracted from cannabis (hemp), CBD, which has effective components such as inducing mental and physical relaxation, is rapidly advancing worldwide in research and industrialization for disease treatments as well as food, cosmetics, and animal pharmaceuticals.
A GW Biotech official stated, "By signing a business agreement with Neoken Bio, which possesses unique technology for extracting and purifying medical cannabis components, we have taken the first step toward developing animal CBD products. We will strive to expand into various fields such as pharmaceuticals, related diagnostic kits, cosmetics, and health functional foods in the future."
Meanwhile, GW Biotech has experience and capabilities in developing and commercializing diagnostic kits related to pancreatic cancer, sudden hearing loss, and COVID-19 neutralizing antibodies, having developed and supplied ELISA kits since 2008. It also possesses in-house technology related to diagnostic kits, including projects supplying transformer furan simple kits to Korea Electric Power Corporation. Additionally, it provides services that can be widely integrated, such as genome and metabolome analysis.
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