Axiom founder holds business talks with Boryung's CEO as partners in space project

Lim Chang-won Reporter() | Posted : May 19, 2022, 16:55 | Updated : May 19, 2022, 16:55

[Courtesy of Axiom Space]

SEOUL -- Kam Ghaffarian, the founder of U.S. space infrastructure developer Axiom Space, has held business talks with Boryung Corp.'s leader during his visit to South Korea as a partner in their joint initiative to advance the next generation of pharmaceutical, bioscience and medtech development in space.

The meeting with CEO Jay Kim of Boryung Corp. engaged in pharmaceutical manufacturing, took place on May 17 in Seoul. Boryung has made an unspecified amount of equity investment in Axiom, which aims to operate the world's first commercial space station in 2024 and plans human spaceflight for astronauts engaging in in-space research, in-space manufacturing, and space exploration.

Details on talks between Ghaffarian and Kim were not disclosed. Boryeong is trying to set up a pharmaceutical laboratory on a civilian space station to be built by Axiom in 2027 with the aim of identifying changes in the human body exposed to the space environment and developing new drugs.

Kim has shown his strong interest in projects in space. "Surely, our immediate top priority remains the growth of our earning power, but we still aim to discover promising new projects in outer space, which is a territory brimming with new opportunities," he said in an English message posted on the company's website.

Boryung has launched the so-called "Care in Space (CIS) Challenge with Axiom and Starburst Aerospace, an American aerospace accelerator that helps startups with strategy, business development, and fundraising, to accelerate innovation in the commercial space, aviation, and defense markets. The first annual challenge is receiving applications from April 18 to June 17.

Selected teams will receive prize money and an experimental opportunity at the civilian space station module under development by Axiom. Boryung said the global challenge will identify and provide commercialization support for emerging technologies and solutions that optimize human health for space travel and habitation.

The initiative is aimed at facilitating the development of products that have an immediate terrestrial application, from new medications to medical devices to nutritional supplements to stem-cell therapies, Boryung said. "Boryung is incredibly excited to work with Axiom and Starburst to seek out the next generation of innovators and founders working on solutions that facilitate access to space for everyone," Boryung's new portfolio investment head Lim Dong-joo said in a joint statement.
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