“We want to create new value based on our unique technology”
LABnPEOPLE, established in 2016, is a bio venture company that develops the world's first drug delivery device using biodegradable metal. It was established in 2016 by CEO Cho Seong-yoon, who led related research for 20 years in a KOSDAQ-listed company in the medical industry, together with experts in various fields. Although it is a start-up company, it is showing off as a research-oriented company with about 70 patents applied for and 30 patents registered. LABnPEOPLE has an R&D center in Seongsu-dong and a production plant in Yangju, and through organic dualization, it is building a one-stop system from designing bioactive materials to manufacturing, characterization, and commercialization. We are conducting various R&D and collaborations in cosmetics, hospitals, medical schools, and pharmaceutical industries, and are also carrying out a number of national research projects. Recently, it entered into a business partnership with Shiseido, Japan, and was introduced as the only startup that cooperates with Shiseido. The core technology lies in the Bioactive Material. This bioactive material, which is made up of human body components, is safely and completely decomposed after completing its role in the human body. It is a material that is easy to express and has no side effects.
“LABnPEOPLE developed the world’s first cosmetic magnesium microneedle patch based on its research experience in commercializing magnesium implant medical technology that is decomposed in the body. Magnesium is an essential mineral for the human body. It dissolves in the body and is perfectly bioabsorbable. In addition to this stability, the microneedle is painless even when pierced, and there is a small groove in the middle of the needle, allowing the active ingredients of cosmetics to reach the dermis directly. I am confident that we have innovatively improved safety and convenience as hydrogen is generated through ionization and anti-oxidation effects can be expected.” The magnesium microneedle patch developed in this way has been released under its own brand, SNOW2+, as OEM/ODM, and is distributed domestically and internationally. “The Snow2 Plus brand has acne lines and trouble lines. The acne line has been sold at Olive Young since April this year under the name of AC Magnesium Patch. OEM/ODM exports to Japan, Singapore, the United States, Malaysia, etc. as well as Korea.”
Since it is a product based on innovative technology, the market response is very hot. However, since it also manufactures cosmetics, medical devices, and quasi-drugs, the current production capacity is limited. In line with the expansion of the distribution network planned for next year, the company plans to expand the Yangju factory as soon as possible. “We plan to strengthen sales at Olive Young in Korea so that more consumers can use the magnesium microneedle patch, and expand our distribution network to closed malls. As for the overseas market, we are preparing to directly manage large distribution channels such as Amazon, and we plan to gradually increase the number of exporting countries.” Although it is a start-up company, as it has unrivaled technology, it has already received investment and there are not a few places to invest. Of course, an initial public offering (IPO) is also planned.
“We are preparing for an IPO around 2025. It is a work to prepare the foundation for further growth at the company level, and it is also a reward for the employees who work together. We are currently giving stock options to employees who have been with us for more than 3 years. I want to make money by creating new value with our technology, and share that wealth with myself, our employees, and our partners. Reporter Park Il-woo free@cmn.co.kr_CMN News
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