Green Cross Cell, a cell treatment company, announced Wednesday that it has signed a memorandum of understanding (MOU) with the State of Maryland to establish a marketing basis and promote investment in the United States.
Under the agreement, Green Cross Cell 녹십자셀 will establish a subsidiary in Maryland and use it as a steppingstone to advance to the U.S. market.
Maryland is expected to cooperate with Green Cross Cell by supporting them with investment, research and development, and linking them to U.S. businesses related to bio and health industries.
The agreement came after Green Cross Cell met its U.S. partners as part of an economic delegation accompanying President Moon Jae-in’s visit to the U.S. in June. During the visit, the company discussed research cooperation and partnership with American companies.
“It is time for Green Cross Cell to expand operations overseas as our ‘immuncell-lc,’ an anti-cancer cell immunotherapy treatment, exceeded 500 prescriptions for the first time in August,” said Lee Duck-joo 이득주, CEO of Green Cross Cell. “As the first result of our efforts to expand overseas, we have entered the U.S. market by signing an MOU with Maryland.”
Maryland also showed enthusiasm for the agreement.
“Maryland, along with Virginia and Washington D.C., is working together to form a prominent bio health cluster in the midwest of the Atlantic called the BioHealth Capital Region (BHCR) by 2023,” said Benjamin Wu, deputy secretary of the Maryland Department of Business and Economic Development. “We expect Green Cross Cell will play a significant role in BHCR by expanding the capacity of the immune cell therapy business in the U.S. through this MOU.”
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