Medipost Co., a South Korean biotechnology firm, said Sunday it has set up a joint venture in Japan to sell stem cell-based drugs in the Japanese market.
Yang Yoon-sun, CEO of Medipost, said the 50:50 joint venture was launched early last month with a Japanese partner.
"The joint venture will begin procedures to get approval for a clinical test of Medipost's stem cell-based drugs," Yang said.
Medipost's stem cell-based treatment of damaged cartilage, named Cartistem, won approval for sales from the Korea Food and Drug Administration in 2012.
The drug uses stem cells from other people, not from patients, so that it can be mass-produced and its quality can be better maintained, experts said.
Medipost posted sales of 37.6 billion won ($31.9 million) last year. (Yonhap)
