Bio regenerative medicine manufacturer CGBio (CEO Hyun Seung Yu) has announced that the company has established a local corporation based in the US ‘CG MedTech’ on April 25.
CG MedTech is a corporation established with its entire capital invested by CGBio, and it is to serve as a bridge for expansion overseas for the ‘total regenerative medicine solution’ of CGBio in the future along with the Indonesia corporation ‘CGBIO NEOREGEN INDONESIA (CNI)’, which was established back in January 2022.
CG MedTech will establish a foothold in the US market as well as the entire North American market, and the company has opted for a strategy to divide its branches across three locations. The headquarters of CG MedTech will be located in the state of Maryland where the headquarters of the US FDA is located, as it plans to focus on establishing strategies throughout the entire cycle of product commercialization and clinical trials and authorizations, while research and manufacturing division of the company will be based the state of North Carolina, and sales and marketing division will be established in the state of California with a dedicated organization for selling products.
CGBio has previously obtained a certification from the ‘American Association of Tissue Banks (hereinafter referred to as “AATB”) back in 2021 and was the only Korean company to do so. AATB is the world’s most reputable human tissue standard organization, and it is responsible for developing standard quality control systems related to human tissue materials across the world and it manages the safety and technology of human tissue graft materials with strict standards within the US.
Therefore, the fact that CGBio has obtained a certification from such an organization signifies that its superb technological capabilities have been recognized in the US market. CG MedTech has also obtained an AATB certification since being founded and has been permitted to sell human tissue and skin product line of ‘CGDERM’ and other bone products within the US, and there are high expectations for the company to immediately contributing to export performance of CGBio.
Also, CG MedTech has established a research partnership with the Wake Forest Institute for Regenerative Medicine based in North Carolina, which is one of the world’s top regenerative medicine research institutes, for R&D of 3D printing-based patient-specific solutions, and is currently building a manufacturing facility within the Wake Forest Institute for Regenerative Medicine.
Through this partnership, CG MedTech is planning to focus on commercialization of the patient-specific 3D implant printing system of ‘Patient Specific Implants (PSI) Platform’, which can immediately print implants required via 3D printer locally in the US.
After the CT and MRI data from the hospital is transmitted to CGBio and the experts at the company’s design center derives data for complete implant modeling, this data is provided to printing centers all over the world to print the implant with the complex material independently developed by CGBio (BGCL). Through this platform, the company is also expected to generate synergy with its artificial bone product ‘EASYMADE-CF’.
CEO of CGBio Hyun Seung Yu stated, “CG MedTech has promoted infiltrating into the North American market with products that can be sold immediately in the market while also forming a close partnership with a local research institute that can generate a synergy with the unique regenerative medicine technology of CGBio, and is planning to move forward with localized businesses by developing products that reflect the demand in the North American market” and added, “Ultimately, we will provide alternative treatment options to patients in North America by providing total customized regenerative medicine solution.”
Meanwhile, the global regenerative medicine market cap was USD 22.9 billion (approx. KRW 30 trillion) in 2019, and it is projected to grow at an annual average growth rate of 17.45% as the market cap grows to USD 127.7 billion by 2030. And in line with such projections, CG MedTech is looking to reach the sales of USD 100 million within 2023, the company’s first year in the North American market.
