SEOUL, South Korea and NEW YORK, Oct. 8, 2012 /PRNewswire/ -- Aquavit Life Sciences, Inc., a wholly owned subsidiary of Aquavit Pharmaceuticals, Inc., announces together with Uniquest Corporation (KOSPI: 077500) a Memorandum Of Understanding to form an Alliance Partnership for the development, registration and manufacturing of Aquavit Pharmaceuticals' PITO-001. The MOU was signed on September 24, 2012. This Alliance Partnership represents a key commitment to realize Aquavit Pharmaceuticals' cutting-edge technology within the context of Uniquest's advanced engineering and production capabilities.
The medical device industry is primed for accelerated innovation. According to a new report from EvaluatePharma, the global medical device market will reach $440 billion by 2018, growing at about 4.4% per year. The value of South Korea's medical device market has increased about 20% annually during the last decade, and is forecast to continue to grow more than 10% per year over the next ten years, according to a recent Espicom Business Intelligence report. This is a boon for the Korean market in general, as it is increasingly recognized as a producer of top quality technology with brands like Samsung, LG, and Hyundai. "Aquavit's innovation together with Uniquest's proven success in sourcing, manufacturing, and distribution will support the high standard of technology we are committed to deliver," said Sobin Chang, Aquavit Pharmaceuticals CEO.
Uniquest is Korea's leading sales engineering firm for companies such as Intel, Microsoft, and ON Semiconductor. "We are major suppliers of semiconductor parts of Korea's smart phone, automotive as well as telecommunications infrastructure system. Our level of deep understanding, sourcing, and procurement paves the way for the design and manufacturing of Aquavit's PITO-001 with top quality components," said Andrew Kim, Uniquest COO.
"We are delighted to partner with Uniquest which has incredible experience in numerous industries including medical devices. Our collaboration will not only provide optimal design options with advanced technology but will also secure our intellectual property strongly in development of the system, PITO-001," said Dr. Kwonsoo Chun, Aquavit Pharmaceuticals Chief Engineer.
PITO-001 is the first-of-a-kind personalized treatment optimizer built in a desktop format designed to streamline all factors involved in procuring a personalized treatment. Through standard, secure Internet protocols PITO-001 will receive recommended formulations from Aquavit's MAV-403 for each individual patient, and the clinician will validate and execute the formulation process.
About Aquavit Pharmaceuticals, Inc.
Aquavit Pharmaceuticals is a multi-specialty healthcare company focused on discovering, developing and commercializing innovative pharmaceuticals, medical devices, and personalized health technologies. Aquavit's business approach is enhanced by valuable global alliances. Aquavit is developing an innovative drug delivery system that personalizes pharmaceutical solutions based on individual needs. The company is based in New York City and Seoul. http://www.aquavitpharma.com
About Uniquest Corporation
Uniquest's mission is to provide superior technical representation and to add value to a focused group of leading-edge corporations. It is Uniquest's objective to offer synergistic, valuable and highly innovative solutions for their customers' design, procurement, and manufacturing needs thus making it a priority to continually improve quality, services, and productivity at a competitive advantage. http://www.uniquest.co.kr
SOURCE Aquavit Pharmaceuticals, Inc.