The decision on the construction of the factory was made while company CEO Jung Hyun-ho was accompanying South Korean President Yoon Suk-yeol who was on a four-day state visit from January 14 to the UAE to expand a strategic partnership with the Mideastern country.
Medytox said in a statement on January 17 that the company signed a memorandum of understanding (MOU) with Dubai Science Park to push for the creation of a botulinum toxin factory.
Botulinum toxin is a biotoxic protein substance extracted from a bacterium called Clostridium botulinum. The substance is found in meat products. After being injected into a muscle, botulinum toxin blocks nerve signals temporarily so the wrinkles can be straightened to a certain degree. Medytox has developed the world's first non-animal liquid toxin called "MT10109L."
Medytox said that the company has agreed to partner with Dubai Science Park affiliated with the UAE's state-run real estate company called TECOM GROUP to build a factory for MT10109L products in Dubai. The South Korean company expects that the factory, if completed, will help Medytox expand its market to other Middle Eastern countries and Europe.
"The Dubai plant for botulinum toxin products will be a bridgehead for Medytox's toxin materials to enter the global market," CEO Jung said. The company said it will disclose specific plans regarding the factory operation.
South Korean companies are striving to team up with UAE firms after the Middle Eastern country promised to invest $30 billion in South Korea's nuclear power, energy and defense sectors.
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