SEOUL, South Korea, Feb. 23, 2015 /PRNewswire/ -- Aquavit Life Sciences, Inc. today announced plans to invest in a new R&D and manufacturing facility in Daegu, South Korea. Aquavit will build a facility that is compliant with US FDA regulations for current good manufacturing practices (cGMP). Phase 1 of the project will be a 10,000 sq. ft. space equipped with an ISO 5 class cleanroom under ISO 14644-1 classification. Aquavit signed a 5 year contract with Kyungbuk National University (KNU) Technopark, which is a science and technology incubation center.
"We are excited to partner with Aquavit and bring their cutting-edge technology to our research center. Their investment will benefit our local economy, and we are confident that our professionals with advanced degrees in the sciences will contribute to their success," said Dr. Kwang-Tae Kim, Professor and Director of the KNU Technopark.
The city of Daegu has been expanding its commitment to the biotech and pharmaceutical industries and has invested over $ 600 million USD to date in state-of-the-art infrastructure and facilities that support the growing opportunities in these industries. Despite the economic growth in South Korea lead by strategic investments from companies like Samsung and LG, the private pharmaceutical and biotechnology sector has grown more slowly, since the process is lengthy, time consuming and the risks are higher. The city of Daegu is working to change the dynamic.
"The city demonstrated its passion and commitment for innovation in medical technology and the biotech industry; and combined with KNU's strength in IT, engineering, and pharmaceutical sciences, the decision was clear. The new location will position the company to enhance its pipeline of personalized medicine products and technology. Our new facility will increase R&D collaboration and efficiency, connect us to a pool of talent the city has to offer, and strengthen our ability to drive product development, manufacturing and innovation programs forward," said Sobin Chang, Aquavit CEO.
In addition to developing its own pipeline, Aquavit will partner with domestic pharmaceutical firms in research, global clinical tests, and other ventures. Aquavit also intends to expand its overseas sales network in the coming years.