[Courtesy of Kangsterm Biotech]
SEOUL -- SK Bioland, the developer of cosmetic actives using natural resources in South Korea, secured exclusive rights for domestic sales of an atopic dermatitis therapeutic product from Kangstem Biotech, which develops stem cell therapeutic products using umbilical cord blood-derived stem cells.
SK Bioland, a subsidiary of SKC which is an SK Group chemical unit, was allowed to use Kangstem's stem cell-related technology. Kangstem said in a regulatory filing on Tuesday that it would receive 15 billion won ($13.2 million) in an advance payment of loyalties to focus on research and development.
Kangstem is responsible for the initial production of Furestem-AD, the world's first stem cell therapeutic product for atopic dermatitis that targets moderate to severe atopic dermatitis patients. After its technology transfer is completed, the two companies will co-produce it. They agreed to finish clinical trials for commercialization next year.
SK Bioland vowed to transform itself into a biological reproduction company through its partnership with Kangstem. Kangstem has changed its contract with Daewoong Pharmaceutical to find a new partner for the commercialization of Furestem-AD.
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