Reyon Pharmaceutical enters the hemostatic agents market and further strengthens its chemical drug business.
Reyon Pharmaceutical (Representative Directors: Jung SoonOck, Yoo Yonghwan) announced on the 25th that the company had signed an MOU with T&R Biofab (CEO Yoon Won-soo) for the joint development and commercialization of next-generation hemostatic agents.
Based on this MOU, Reyon Pharmaceutical plans to produce and supply animal-derived thrombin, a primary raw material for hemostatic agents. T&R Biofab intends to develop hemostatic agents in matrix and powder forms by converging and incorporating thrombin supplied by Reyon Pharmaceutical with various ECM (extracellular matrix) and gelatin materials.
Grand View Research, a global market research firm, predicts that the global hemostatic agent market will grow at an average annual rate of 8.7% from 2019 to reach $10.4 billion (about KRW 15 trillion) in 2026. The current domestic market size is estimated to be about KRW 100 billion.
The domestic hemostatic agent market is poised to grow rapidly due to the increase in laparoscopic and endoscopic surgeries, but it is dominantly occupied by expensive imported products. The hemostatic agents jointly developed by the two companies contain VdECM (vascular-derived extracellular matrix) as a key material to significantly improve tissue regeneration and adhesion.
The two companies expect to rapidly penetrate the existing hemostatic agent market and expand their market share, replacing imported drugs. They aim to complete the development and release the product within the following year.
Yoo Yonghwan, Representative Director of Reyon of Reyon Pharmaceutical, revealed, "We will take a step forward as a global bio- & chemical-pharmaceutical company through the joint development and commercialization of next-generation hemostatic agents with T&R Biofab, which has core competencies in regenerative medicine such as 3D bioprinting business."
Meanwhile, after completing the construction of a bio & chemical plant in Chungju last September, Reyon Pharmaceutical has been discussing joint pipeline development and CMO business with many companies and, as a result, acquired orders to supply four types of pDNA (plasmid DNA) in April of this year. In addition, the company is speeding up a GMP certification for full-scale commercial production.
