Crystal Life Sciences changes name to Huons Life Sciences

Crystal Life Sciences said it changed its name to Huons Life Sciences and will continue its operations under the new name.

The name changing decision was made at a recent extraordinary shareholders’ meeting.

As a subsidiary of Huons, Huons Life Sciences will reorganize its portfolio in line with the vision of the Huons Group, a total healthcare group that provides medical solutions for human health. It will also accelerate its growth by expanding to the contract manufacturing organization (CMO) business.

The parent company, Huons, acquired a stake in Crystal Life Sciences late last year, making it a subsidiary.

Since then, Huons has carried out a large-scale capital increase and is investing in facilities at its plant in Osong, North Chungcheong Province. Huons also works to improve Huons Life Sciences’ financial structure by repaying high-interest borrowings.

Huons Life Sciences has also set a policy to change its image from a negative one due to persistent losses to an active and enterprising image unique to the Huons Group.

"Through this name change, we plan to create tangible results by reorganizing our corporate vision, direction, and system and efficiently reorganizing our business structure,” said Huons Life Sciences CEO Min Byung-bok. “As a subsidiary of Huons, we will do our best to contribute to the Huons Group becoming a global total healthcare group."

Huons plans to further streamline manufacturing by securing capacity for new products, including solids, through Huyons Life Sciences.