Hugel aims to expand its domain to liquid polymer filler business to move beyond botulinum toxin and HA filler and grow into a total medical esthetic company.
Hugel signed a memorandum of understanding (MOU) with Dexlevo on Wednesday to secure the exclusive sales rights for liquid polymer filler, a medical device for tissue recovery products based on polycaprolactone (PCL).
The MOU will grant Hugel the right to monopolize the sales for liquid polymer fillers produced by Dexlovo in the Korean market and also a preferred status for contracting exclusive rights for overseas sales.
Specific matter of the contract is in negotiation.
Established in 2013, Dexlevo is a medical device company with a specialty in the biodegradable polymer. Liquid polymer filler is the first filler made of atomized PCL in a liquid state. Its production became possible with Dexlevo’s unique technique called the “collagenases-enabled solubilized active biodegradable polymer (CESABP).”
PCL is a biodegradable substance widely used in the medical field with proven safety. It has a long duration in the body, with excellence in facilitating the formation of collagen. However, the technique to liquefy the substance to spread out within the skin evenly is a difficult procedure posing high entry barriers to the market.
Unlike existing fillers that help to improve deep furrows in specific parts, Dexlevo product, based on its unique PCL liquefaction technology, spreads out evenly after being injected into the skin and slowly disintegrates to help regenerate collagens continuously, according to Hugel.
Dexlovo won the CE certification for its product this year and is ready to advance to the European market. Now, a clinical trial is conducted on 230 people to launch the product in Korea by 2022.
As the interest in anti-aging products increases in the country, Hugel expects the product to create a synergic effect with botulinum toxin and HA filler products to create an estimated 100 billion won ($87.3 million) market by 2027.
“Following our acquisition of Jworld, a PDO thread lift maker, last year, the recent MOU with Dexlevo will make us jump to a global medical aesthetics company with a high potential of development,” a Hugel official said.
Hugel plans to increase its enterprise value in the global market with the continuous expansion of the pipeline for existing products and diversifying business portfolios, the official added.