Johnson & Johnson Medical Korea Ltd. & Johnson & Johnson Innovation LLC Announce Launch of Seoul Innovation QuickFire Challenge on Smart Surgery in Collaboration with Seoul Metropolitan Government and Korea Health Industry Development Institute

• QuickFire Challenge calls on innovators to submit novel ideas with the potential to transform the surgical pathway for optimized care, cost savings, and improved patient outcomes.
• Awardee(s) will receive grant funding from a total of up to KRW150,000,0001, one year of residency at the Seoul Bio Hub and access to the Johnson & Johnson Innovation Asia Pacific ecosystem, including a dedicated workstation for one year at JLABS @ Shanghai, and mentorship from experts across the Johnson & Johnson Family of Companies.

SEOUL, South Korea, May 20, 2021 /PRNewswire/ -- Johnson & Johnson Medical Korea Ltd. and Johnson & Johnson Innovation LLC today announced the launch of the Seoul Innovation QuickFire Challenge on Smart Surgery in collaboration with the Seoul Metropolitan Government (SMG) and the Korea Health Industry Development Institute (KHIDI). The challenge invites innovators to submit potentially ground-breaking ideas that aim to transform the surgical pathway. Specific areas of interest include:

• Potential digital solutions that aim to help OR transform surgical pathway/ data-driven decisions (before/during/after surgery)
• Smart diagnosis and early intervention in cardiovascular and neurovascular areas
• Infection control during and after surgery
• Potential biotech solutions aiming to improve post-op recovery
• Improved surgical planning and outcome using next-gen technology (including but not limited to advanced imaging and augmented reality)

Awardee(s) will receive grant funding from a total of up to KRW150,000,000¹ (approximately US$134,000²), one year of residency at the Seoul Bio Hub and access to the Johnson & Johnson Innovation Asia Pacific ecosystem, including a dedicated workstation for one year at JLABS @ Shanghai, and mentorship from experts across the Johnson & Johnson Family of Companies.

The QuickFire Challenge aims to advance breakthrough innovations by combining Johnson & Johnson Innovation's unique vision for collaboration in an open innovation model with the Seoul Metropolitan Government's efforts to drive innovation and commercialize its research outcomes; KHIDI's professional and systems-building support; and the Seoul Bio Hub's ability to help accelerate the development and commercialization of potential early-stage, life-science solutions.

"Over the last few years, the Asia Pacific region has seen significant growth in the surgical robotics procedures market. We are committed to maintaining this momentum by identifying and nurturing technological advancements that could help remove current limitations in the surgical pathway," said Jae Yoo, Area Managing Director, North Asia for Johnson & Johnson Medical Devices Companies.³

JLABS @ Shanghai, a state-of-the art 4,400 square-meter healthcare incubator, is the first Johnson & Johnson Innovation - JLABS location established in Asia Pacific to serve the greater region.

Johnson & Johnson Innovation has developed the QuickFire Challenge platform with the aim to enable potential groundbreaking science and health solutions by encouraging students, entrepreneurs, researchers and start-up companies to tackle some of the world's most challenging problems in healthcare.

This announcement marks the fifth QuickFire Challenge in Korea, following the launch of the previous Seoul Innovation QuickFire Challenges in August 2017, August 2018, July 2019, and June 2020.

The deadline to apply is July 9, 2021. For more information about the Seoul Innovation QuickFire Challenge on Smart Surgery (including the terms and conditions of entry), please visit: http://jji.jnj/smart-surgery.

About Johnson & Johnson Innovation

Johnson & Johnson Innovation LLC works across the pharmaceutical, medical device and consumer health sectors to accelerate early-stage, transformational solutions by catalyzing the best ideas, wherever they are in the world. We do this by harnessing our deep scientific capabilities coupled with a wide range of tools, including customized deal structures, company creation, incubation and startup services, capital investments and other innovative business models that aim to meet the diverse needs of entrepreneurs, scientists and emerging companies. Our goal is to help life science and health technology innovations thrive through collaboration and partnership with the global ecosystem, so that together we can change the trajectory of human health. Meet our passionate team of science and technology experts and learn how to collaborate with us at www.jnjinnovation.com.

한국존슨앤드존슨메디칼 주식회사(Johnson & Johnson Medical Korea Ltd.)

한국존슨앤드존슨메디칼 주식회사는 존슨앤드존슨 의료기기 부문의 한국 법인이며, 더 많은 환자를 돕고 생명을 구하는 것을 목표로 하고 있다. 혈관질환 치료기구, 수술용 봉합사, 인공관절, 여성질환 전문치료기구, 내시경 수술기구, 자동 봉합기 등 다양한 제품을 공급한다. 전 세계 보건의료 분야에 임상 및 경제적 가치를 더하기 위하여 혁신적인 신제품을 제공하고, 차별화된 마케팅 전략과 우수한 품질관리 과정을 통해 고객 만족도를 높이고 있다.

About Johnson & Johnson Medical Devices Companies
As the world's most comprehensive medical devices business, we are building on a century of experience, leveraging science and technology, to shape the future of health care. With unparalleled breadth, depth and reach in surgery, orthopaedics, vision and interventional solutions we are working to profoundly change the way care is delivered. We are in this for life.

Cautions Concerning Forward-Looking Statements

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 related to the launch of the Seoul Innovation QuickFire Challenge on Smart Surgery. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson Innovation LLC and Johnson & Johnson Medical Korea Ltd and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to: the potential that the expected benefits and opportunities related to the collaboration may not be realized or may take longer to realize than expected; challenges inherent in new product development, including the uncertainty of clinical success and obtaining regulatory approvals; competition, including technological advances, new products and patents attained by competitors; uncertainty of commercial success for new products; the ability of the company to successfully execute strategic plans; impact of business combinations and divestitures; challenges to patents; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; and global health care reforms and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 30, 2018, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in the company's most recently filed Quarterly Report on Form 10-Q, and the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The Johnson & Johnson Innovation LLC and Johnson & Johnson Medical Korea Ltd and/or Johnson & Johnson do not undertake to update any forward-looking statement as a result of new information or future events or developments.

¹ KRW75,000,000 for each Awardee
² Based on exchange rate of 1 South Korean won = 0.00089 US Dollars
³ Jae Yoo is the Representative Director of Johnson & Johnson Medical Korea Ltd.

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SOURCE Johnson & Johnson Innovation