BotaMedi secures W170b investment from Chinese firm
[THE INVESTOR] Korea’s biotech firm BotaMedi said on May 11 it has attracted funds worth 170 billion won (US$159 million) from a Chinese company to bring its sea-based antioxidant products to China.
Under an agreement that the two firms signed on May 10, Beijing Su Shine Technology will execute the investment in stages over the next two years and support Botamedi’s entry into the Chinese market from manufacturing to marketing of its self-developed polyphenol complex Seanol.
BotaMedi Chairman Lee Haeng-woo (second from left)
Seanol is a polyphenol extract derived from a brown alga, ecklonia cava, which is native to the sea off Korea and Japan.
“There is a huge growth potential for Seanol as it can be applied to a variety of uses from health supplies to new drugs with its anti-aging efficacy,” BotaMedi Chairman Lee Haeng-woo said in a statement.
The firm added that it plans to set up a research center in northeastern Jiangsu to work with Chinese companies for the development of Seanol.
In February, BotaMedi was granted approval from the European Food Safety Authority for sales of Seanol in 28 EU countries.
BotaMdi reported an operating profit of some 2 billion won with revenue of 10 billion won in 2017.
By Park Han-na (firstname.lastname@example.org)