Recently, the bio-startup, LAB n PEOPLE Corp. is accelerating its leap into a technological unicorn company. It shows also the growing its influence in the global market not only the collaboration with domestic and foreign companies with microneedle (ultra-fine needle) technology using magnesium for the first time in the world. Next year, it plans to challenge the technology special listing through the development of various products and expansion of export networks.
By the industry on the 25th, recently, LAB n PEOPLE Corp. was selected as ‘Project for Fostering Future Unicorn in Global Information and Communication Technology (ICT) 2022’ of the Ministry of Science and ICT (MSIT). LAB n PEOPLE Corp., discovered as a promising company in the ICT convergence field with high global growth potential will receive support for overseas expansion and funds from the MSIT.
The bio-startup, LAB n PEOPLE Corp., that developed the world’s first magnesium-using microneedle, was also selected as a baby unicorn by the Ministry of SMEs and Startups (MSS) earlier last year. If the magnesium component metal meets moisture in the skin, it is decomposed into hydrogen and magnesium ions, so it is classified as a bioabsorbable and biodegradable metal. Its strength is that it is safe from side effects such as cytotoxicity and allergies.
An official of LAB n PEOPLE Corp. said that “if bioabsorbable metals such as magnesium enter the wound site, the magnesium ion removes the toxins from the body, and activates the cells, by which it results a therapeutic effect,” and “the safety is guaranteed because only mineral ions and hydrogen are remained.”
The microneedle technology of LAB n PEOPLE Corp. is currently being applied to the healthcare field in addition to the biomedical industry such as surgical and interventional procedures. The company also developed a next-generation wearable patch used for aesthetic field such as acne scars, wrinkles, and blemishes and digital therapeutics.
The self-developed ‘AC Magnesium Needle Patch’ for acne by LAB n PEOPLE Corp. enters officially the Olive Young stores, the largest H&B distribution channel in Korea in June 2020, and starts to expand the distribution channels. LAB n PEOPLE Corp. is also focusing on the development of various products through full-scale collaboration with domestic and foreign companies. Last year, starting with the joint development of pharmaceuticals between Daewoong Pharmaceutical Corp., the largest pharmaceutical company in Korea, and Microneedle, a Contract on Product Supply for Daewoong Pharmaceutical’s needle care product ‘Easyderm’ was signed. It also signed a technical agreement with the Japanese beauty brand, Shiseido headquarters, and the joint development is in progress. Shiseido, which has been focusing on microneedle patch products for wrinkle improvement, has the strategy to speed up the expansion of the ‘medical beauty’ field with LAB n PEOPLE Corp.
LAB n PEOPLE Corp. established in 2016 applied for 70 patents within 6 years after establishment, and has been completed more than 26 registrations. A total of KRW65 billion was directly invested from Korea Technology Credit Guarantee Fund, Korea SMEs and Startups Agency, and Korea Technology Finance Corporation, and it has secured more than KRW 12 billion for research fund through National R&D Project.
LAB n PEOPLE Corp. is exporting the micro-needle patch products to the US, Japan, Singapore, and Russia from 2019.
Sungyoun Cho of LAB n PEOPLE Corp. said that “as microneedle technology has a wide application fields including medical technology and skin beauty, we will strengthen the cooperation with global companies”, and he plans to expand the export network participating in ‘Las Vegas Cosmoprof Exhibition 2022’ , the world’s third largest beauty fair, held in the United States in July. The event period is July 12-14, the booth No. is West Hall / 33035, and you can make a reservation for the meeting in advance.
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