The governments of North Chungcheong Province and Cheongju City announced on August 21 that they have signed investment agreements with CuraChem, FoodyWorm, and Cosmetic Solution K that decided to build a research center and a production base in Osong Bio Valley.
The signing ceremony was attended by North Chungcheong Deputy Governor Lee Jang-seop, Cheongju Vice Mayor Lee Bum-seok, and representatives of each company.
The investment agreement with the three bio-health innovation companies came a month after a similar agreement was signed with six biotechnology companies last July.
CuraChem is a research and development company that synthesizes radioactive isotope labeled compounds essential for the development of new drugs. It is the only company in Asia that provides the 3H (tritium, one of the isotopes of hydrogen) label service, and 80% of its sales are from Japan, China, the US and Europe. CuraChem plans to purchase additional land in the complex and expand its facilities by investing 15 billion won (US$12.5 million).
FoodyWorm is a company that researches and develops environmentally friendly materials and products such as substitute materials based on environment-friendly worms, functional cosmetic materials, companion animal feeds and additives. Aspiring to take the lead in the development of the Korean insect industry, FoodyWorm plans to invest 5 billion won (US$4.16 million) in establishing a research center and develop biopharmaceuticals using insects.
Cosmetic Solution K is the only company in the world that holds a patent for skin regeneration cosmetics using spicule (the rear part of the skull of sponges living in clean seas). It plans to invest 3 billion won (US$2.5 million) in Osong Bio Valley to develop cosmetics for improving skin using plant-based complex extracts. It is expected to lead the skin regeneration cosmetics market in the future as it was recognized for the safety and effectiveness of its divus bio program, which contains human body fat stem cell culture fluid extracts and peptides.
"We welcomed the companies moving to Osong Bio Valley, which has a global-level state-of-the-art bio-infrastructure, and it would be a chance to see the sustainable growth potential of Osong through the innovation technology of the companies that concluded the agreement," said Maeng Eun-young, manager in the bio-policy division of the North Chungcheong government. "We will not spare any administrative support for the stable growth of the companies. We will continue to attract biotech companies to our province to further strengthen its status as the center of the Korean bio-industry."