CGBIO said Friday its bone graft infused with a protein called rhBMP-2, Novosis, has been designated as a next-generational, first-in-class product by two domestic agencies that recognize superior products to help aid consumer confidence.

The World Class Product of Korea – run by the Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency – designated superior products, including CGBIO’s Novosis, at an awards ceremony held at the Grand Intercontinental Seoul Parnas Friday.

The award is given to products that have the potential to rank within the top five regarding global market share within the next seven years.

Novosis is a bone graft infused with a protein called recombinant human bone morphogenetic protein-2 (RhBMP-2). RhBMP-2 is a genetically engineered version of a natural protein that regulates bone growth and healing.

It gained the Ministry of Food and Drug Safety’s approval in June as Korea’s first rhBMP-2 bio-fusion device, the company said. It is the world’s second bone graft of its kind, next to Medtronic’s Infuse Bone Graft, according to the company.

CGBIO said it proved the safety and efficacy of the drug in 100 Korean patients with severe lumbar disc herniation, spinal stenosis, spondylolisthesis, and spondylolysis. Novosis had a high rate of bone formation and a good safety profile compared to autologous bone grating – the golden standard of bone grafting, the company said.

CGBIO said it is expanding abroad starting with the Asian market while looking for global partnerships in Europe and the U.S. The world market amounts to around 2.6 trillion won ($2.36 billion) and the domestic market is about 50 billion won, the company said.