Medytox said Tuesday that it has signed business agreements with Korean bio startups Mimetics and Exollence Biotechnology as part of the 2024 Seoul Biohub-Medytox Open Innovation Program.

Mimetics, which develops biomimetic skin and tissue adhesive patches, and Exollence, specializing in extracellular vesicle-based platform technology, will receive support through the program. 

Medytox will provide residency rights at Seoul Biohub, opportunities for joint research, product development, marketing support, and potential investments through Medytox Venture Investment. Additionally, Seoul Biohub will offer business diagnostics, growth strategies, and assistance with clinical trials, joint research, and technology commercialization.

The agreements were signed Monday at Seoul Biohub’s global center in Dongdaemun District, a startup hub established by the Seoul Metropolitan Government and managed by Korea Institute of Science and Technology (KIST) and Korea University. Non-disclosure agreements were also signed between Medytox and the startups.

The event was attended by representatives from Medytox, Seoul Biohub, the Seoul Metropolitan Government, Korean accelerator company BX PLANT, and the two startups.

“Supporting and nurturing outstanding bio startups that will shape the future of Korea’s biotech industry is a mission Medytox must fulfill,” said Ju Hee-seok, executive vice president of Medytox. He added that the company will continue to discover and foster early-stage startups to strengthen Korea’s global biotech competitiveness and build an open innovation ecosystem.

Medytox has been collaborating with Seoul Biohub since signing a memorandum of understanding in July 2023 to identify and support startups in fields such as anti-aging, oncology, and rare autoimmune disease treatments.