Published date: July 30, 2021
-Enterprises specializing in polymeric bio-based and bio-product
-It passed preliminary screening of KOSDAQ listing and is expected to be listed in second half of this year.
-Developing the world’s only proprietary platform technology ‘MDM Tech’
-Overcoming incomplete crosslinked side effects of existing hyaluronic acid
-Establishment of Cosmetic Molding Complex Platform in Hainan, China
Bioplus, a company specializing in bio-material applications, is drawing attention as a differentiated hyaluronic acid-based product.
BioPlus is a bio company that developed the world’s only proprietary platform technology called ‘MDM Tech’ in the field of hyaluronic acid applications. It is developing and producing premium HA fillers that eliminate the shortcomings of hyaluronic acid. In particular, the platform technology is applied to a variety of bio-products besides hyaluronic acid. Hyaluronic acid is an acidic polysaccharide in animal tissues and is used in injections, artificial tears, and wound healing.
In July, it received approval from the Korea Exchange for preliminary screening of KOSDAQ listing. An official of BioPlus said, “We plan to submit a securities report by preparing all necessary matters for listing, and proceed with the public offering process for IPO in earnest in early October.”
Expectations from the KOSDAQ listing are also flying in the outdoor market. According to over-the-counter stock trading platform 38 Communications, BioPlus shares jumped about 50% from 28,350 won on March 31 to 42,500 won on March 2. Analysts say that this is a result of reflecting technological capabilities that differentiate Hyaluronic acid products from existing products and possibility of overseas expansion.
“MDM Tech technology is the most appropriate treatment of hyaluronic acid, and it is recognized by foreign markets for its technology by producing various bio products such as anti-adhesive agents, breast prostheses, and artificial bones.” In particular, although the existing hyaluron filler had side effects due to incomplete crosslinking as well as poor molding and sustainability, the company developed MDM filler that compensated for its shortcomings with platform technology.
It’s main products include Dermal Filler, an anti-adhesion agent, and joint tissue recovery. Sales of major products such as Dermal Pillar and anti-adhesion drugs are also on the rise. In the first quarter of this year, the company posted sales of 4.7 billion won in domestic demand and 4.1 billion won in exports respectively. Compared to the same period last year, the figure has increased by 293 percent in Korea and 22 percent in overseas countries, respectively.
According to the Korea Health Industry Promotion Agency, the global filler market is expected to grow 8.9 percent annually from about $1.41 billion in 2015 to about $3.3 billion in 2025. Bioplus established local subsidiaries in China and India last year to directly produce and sell related products such as hyaluronic acid. There are more than 70 countries that deal with BioPlus products around the world.
Bioplus plans to make a winning move in the Chinese market to continue its growth after listing. As part of that, it will establish a joint corporation in China and establish a beauty molding complex platform that has R&D centers, production bases, and medical facilities in China. The platform will be built in Hainan, China, with 13,000 square meters (about 4,000 square meters), and it is expected to appear as early as the end of 2023.
“China is considered the biggest market for cosmetic surgery and medical devices,” said Lee Min-yeop, managing director of BioPlus. “We have signed an MOU with the Hainan province government to build a complex platform and secured a site. “We will soon proceed with lease contracts, facility design and licensing procedures.” “As a model that transplants bioplus business models into China, our goal is to establish joint ventures with large Chinese pharmaceutical companies and bio companies and make them public,” he stressed.
It will also push for new bio-businesses such as next-generation botulinum toxin and biobetter. To this end, Bioplus invested in “OraBio” in May and became the second largest shareholder. Through Orabio, the company secured free and legal botulinum strains from strain sources. It also secured technology that can control protein half-life by signing a technology cooperation contract with bioventure Ubiprotin.
“We are planning to develop next-generation botulinum toxin as a new bio-business. “We have secured strains and protein half-life technologies through cooperation with promising bio companies,” he said. “The existing botulinum toxin has a short duration of effectiveness due to its resistance problems.” On the other hand, BioPlus is able to develop products that can last long with protein half-life control technology.”
“We will further accelerate research and development, investment in facilities, and enter overseas markets through KOSDAQ listing, and maximize corporate value.” said CEO Jung Hyun-kyu of BioPlus. “We will also become a global leader in bio-industry.”