SCM Lifescience said Thursday that it has received a 5.5 billion won ($4.8 million) in investment from CCM Duopharma Biotech Berhard, a Malaysian pharmaceutical company.
|SCM Lifescience CEO Rhee Byung-gun (left) and CCM Duopharma Biotech Berhard Group Managing Director Leonard Ariff bin Abdul Shatar hold up their agreement Thursday.|
CCM Duo Pharma, a subsidiary of CCM, a state-owned Malaysian company, is the largest drugmaker in the country with the world's first Halal pharma-approved standard in the field of generic pharmaceuticals. The company produces more than 200 generic drugs.
SCM Lifescience is specializing in stem cell therapy with original technology in the field of high purity segregation and cultivation of adult stem cells. In September, the company attracted 38.6 billion won from domestic and foreign investors such as KB Investment and Yozuma Group as a Series C funding. With the additional investment from CCM Duo Pharma, the company received a total of 44.1 billion won, with 7.5 billion won coming from overseas.
Through the investment agreement, SCM Lifescience expects to set a foundation for its advancement into the Southeast Asian market and strengthen its global presence.
“This investment agreement recognized the value of SCM Lifescience's original technology for stem cell therapy,” CEO Rhee Byung-gun said. “With the investment from CCM Duo Pharma the company has taken another step toward becoming global.”
Leonard Ariff bin Abdul Shatar, director of CCM Duopharma Biotech Berhard Group Managing, also said, “CCM Duo Pharma has been closely examining strategic investments in advanced regenerative medicine industry using stem cells, etc., in line with new market entry strategies.”