Aquavit Life Sciences, Inc., a wholly owned subsidiary of Aquavit Pharmaceuticals, Inc., announces together with Uniquest Corporation (KOSPI: 077500) a Memorandum Of Understanding to form an Alliance Partnership for the development, registration and manufacturing of Aquavit Pharmaceuticals' PITO-001. The MOU was signed on September 24, 2012. This Alliance Partnership represents a key commitment to realize Aquavit Pharmaceuticals' cutting-edge technology within the context of Uniquest's advanced engineering and production capabilities.
The medical device industry is primed for accelerated innovation. According to a new report from EvaluatePharma, the global medical device market will reach $440 billion by 2018, growing at about 4.4% per year. The value of South Korea's medical device market has increased about 20% annually during the last decade, and is forecast to continue to grow more than 10% per year over the next ten years, according to a recent Espicom Business Intelligence report. This is a boon for the Korean market in general, as it is increasingly recognized as a producer of top quality technology with brands like Samsung, LG, and Hyundai. "Aquavit's innovation together with Uniquest's proven success in sourcing, manufacturing, and distribution will support the high standard of technology we are committed to deliver," said Sobin Chang, Aquavit Pharmaceuticals CEO.