President of BioAlpha Inc., Hyun-seung Yu was awarded the Minister prize of Ministry of Trade, Industry and Energy(MOTIE) for medical industry development held in 27th ~ 28th of August, 2015 MMR(MOTIE Medical-device R&D) Fair at Catholic University of Korea Seoul St. Mary’s Hospital.
MMR Fair is Korea Evaluation Institute of Industrial Technology (KEIT, Director Kisyup Lee) and MOTIE share the medical device sector R & D development, the latest technology trends and licensing schemes, and improve task performance inter-agency research and development efficiency and strengthen the business for promotional purposes the fair held annually by.
The MOTIE Minister prize which is in recognition of merit successful development and commercialization of the world’s first bio-active ceramic spinal intervertebral disc fusion spacer with new material (trade name Novomax). It is stands for the development of new materials and clinical validation and domestic 4 grades Medical Device Commercialization contributing to the medical industry development.
Novomax is a new material (BGS-7) to replace the bone. Its bone union properties and biocompatibility is better than conventional artificial bone mechanical strength and excellent more than five times the spinal disc surgery in addition be used for a variety of bone defects the prospect.
Since 2000, Starting with the support of the Minister of Industry, President Yu and R&D team of BioAlpha has been underway for 14 years. As a result of major ongoing development efforts, a source of patents have been acquired and commercialized in 2014 by developing the core Ceramic Materials after authorizing clinical co-habitation in four agencies.
In particular, Novomax to see the results equivalent clinical outcomes of spinal fusion when used for spinal disc fusion spacer to bone and directly fused to the transplanted autologous bone, while promoting ease of use by eliminating the need to separately bone graft conventional surgery. It can be used effectively during vertebral fusion.
President Yu said that “I will do my best to secure domestic source technology and competitive in the future to replace the bone shortening the duration of treatment and the patient’s pioneering new global medical device market to improve the treatment convenience.”
Meanwhile, BioAlpha Inc. is the world’s first ceramic spinal intervertebral disc spacer “Novomax” has been selling by CGBio, its reimbursement has been effective form September 2015 in Korea. It is expected to be applied more widely in clinical fusion between vertebral bodies.