SEOUL -- Ahead of its initial public offering, EOFlow is in the limelight as a promising biotech firm that specializes in wearable drug delivery solutions based on electric osmosis pump technology. The company aims to become a leading player in the global market with innovative medical devices such as wearable artificial kidneys.
EOPatch, the brainchild of CEO Jesse Kim, is the world's smallest full-featured wearable and disposable insulin pump that increased user convenience. It can be replaced at a set time and is small, light and cost-competitive by using low-power high-performance electric osmosis pump technology.
Many do not use ordinary insulin dispensing devices when they go out. Pump-type products have improved convenience, but they are still big and require long injection lines. "Our product is recognized for its excellence in performance, price competitiveness and convenience compared to competitors," Kim told a press conference.
EOPatch has secured its share in the wearable insulin pump market dominated by Insulet, an American medical device company. "A lot of companies wanted to enter the wearable insulin market, but they failed to make it because they were not able to develop a light, small, and mass-produced driving part," Kim said.
EOFlow has adopted electrochemical solutions to produce simple-structured drives for mass production, Kim said. The company has integrated a wearable insulin pump, a remote control connected by Bluetooth and an app for diabetes management to wirelessly control insulin injection and save data.
A cloud system based on big data can be shared with caregivers or medical staff. Kim thinks EOPatch will serve as a foundation for expanding accumulated data into multiple business models when telemedicine becomes available. In July 2019, EOFlow signed an exclusive five-year sales contract worth about 150 billion won ($127 million) with Italy's Menarini. The first shipment will be made this year.
The next products under development are detachable wearable artificial pancreas that automatically adjusts the amount of insulin injection according to changes in blood sugar and an integral wearable artificial pancreas that combines sensors and pumps.
"Based on the world's best wearable medical device technology and know-how, I will nurture EOFlow as a leading company in the global wearable medical device market," Kim said. "In the future, we will expand our portfolio to include various types of drug injectors such as painkillers and anesthetics, as well as wearable artificial kidneys."
© Aju Business Daily & www.ajunews.com Copyright: All materials on this site may not be reproduced, distributed, transmitted, displayed, published or broadcast without the authorization from the Aju News Corporation.