SEOUL -- EOFlow, a South Korean provider of wearable drug delivery solutions, secured a foothold for its entry into a market known for the largest diabetes population in the world through a joint venture with Changsha Sinocare, a major blood glucose monitoring system manufacturing company in China.
The joint venture named "Sinoflow" will manufacture and distribute EOPatch and its future products in China. EOPatch, the world’s second tubeless, wearable, and disposable insulin pump that enables continuous subcutaneous insulin infusion, has already secured CE marking (CE Mark) from the European Union. CE Mark is an administrative marking with which the manufacturer or importer affirms its conformity with European health, safety, and environmental protection standards for products sold within the European Economic Area.
EOFlow said it would invest about 6.6 billion won ($5.6 million) to acquire 40 percent of the joint venture company and the remainder to be controlled by Sinocare, which would acquire Eoflow's shares worth about 9.2 billion won to strengthen their strategic partnership.
The combination of continuous glucose monitors developed by Sinocare and a smart wearable insulin pump system developed by EOFlow will provide innovative and systematic smart medical solutions for people with diabetes in China, Sinocare's founder and CEO Li Shaobo said in a statement on October 27.
"Entering the Chinese market where high growth potential clearly exists is a significant next step, since its recent entry into the European market, in accelerating EOFlow’s expansion in the global marketplace," said EOFlow CEO Jesse J. Kim.
EOFlow seeks to develop wearable drug delivery solutions in line with a trend of converting intravenous injection drugs to subcutaneous regimens that would empower users to administer drugs at home. EOFlow's product features a small and light design that drastically reduces size and weight, waterproof, a long-wear time to allow twice-a-week compliance, and faster needle insertion for reduced insertion pain.
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