Seoul City Partners with Medytox to Foster Bio Companies

Seoul Bio Hub-Meditox-Two Companies 3-Party MOU
Mimetics, Exolance Move into Seoul Bio Hub
Receive Equipment Use and Customized Accelerating Support

The Seoul Metropolitan Government is partnering with Medytox, the first company in Korea to develop Botulinum Toxin (Botulinum Toxin) formulations, to support promising bio startups. Medytox is the first company in Korea and the fourth in the world to develop Botulinum Toxin formulations, commonly known as 'Botox.'

On the morning of the 6th, at the Seoul Bio Hub Global Center, Seoul Bio Hub Director Kim Hyun-woo, Medytox Vice President Joo Hee-seok, and others attended a three-party business agreement between Seoul Bio Hub, Medytox, and two selected companies possessing next-generation dermatological science and drug delivery platform technologies, Seoul announced on the 7th.

On the morning of the 6th, at the seminar room of Seoul Bio Hub Global Center, officials are taking a commemorative photo after signing a tripartite business agreement between Seoul Bio Hub and Medytox-selected companies. (From left: Ju Hee-seok, Vice President of Medytox; Park Hyung-gi, CEO of Mimetics; Kwon Ki-hwan, CEO of Exollence; Kim Hyun-woo, Director of Seoul Bio Hub). Provided by Seoul City

This collaboration is the third public-private partnership case following the open innovation programs with Celltrion and Daewon Pharmaceutical that Seoul has been promoting since last year. In January last year, Seoul signed a three-party business agreement with Seoul Bio Hub and Celltrion to launch the 'Seoul Bio Hub-Celltrion Open Innovation Program,' and has since discovered and nurtured six companies including Liviohm, Biomi, Santnear Bioscience, Medimap Bio, Enterobiome, and S&K Therapeutics. In August of the same year, Seoul also signed a three-party business agreement with Daewon Pharmaceutical and two companies, Ecuri Bio and Nparticle, which possess next-generation drug delivery technologies, to provide support.

Earlier, in July last year, Seoul Bio Hub signed a business agreement with Medytox to discover and nurture promising bio startups with excellent technologies. Subsequently, after evaluating 31 startups possessing next-generation bio-medical technologies, Mimetics and Exolunce were selected as the final companies in December last year.

Under this agreement, the two companies residing in Seoul Bio Hub will receive support for facility and equipment use, along with tailored support at each growth stage of bio-medical companies, including ▲ customized corporate growth programs based on systematic company diagnosis ▲ technology commercialization support consulting ▲ domestic and international market development verification ▲ follow-up support for market expansion and company growth.

Additionally, Seoul Bio Hub plans to strengthen market competitiveness by establishing R&D strategies and global business development with the accelerator 'BXPlant,' helping startups seize global expansion opportunities, and providing collaboration opportunities with global companies. Joo Yong-tae, Director of the Seoul Metropolitan Government’s Economic Office, said, "This industry-government cooperation platform will become a new model that elevates Seoul’s bio-industry ecosystem to the next level," adding, "We will continue to provide multifaceted support so that promising bio companies with innovative technologies can gain global competitiveness."