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news.Uniquest, a Korean-based sales engineering firm, has entered into a memorandum of understanding (MOU) for the development, registration and manufacturing of Aquavit Pharmaceuticals' PITO-001.
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PITO-001, which is built in a desktop format, is a personalized treatment optimizer designed to streamline all factors involved in procuring a personalized treatment.
Aquavit Pharmaceuticals CEO Sobin Chang said, "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."
Uniquest COO Andrew Kim said the company supplies semiconductor parts of 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," Kim added.
Aquavit Pharmaceuticals chief engineer Kwonsoo Chun said the company is 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," Chun added.
The global medical device market will reach $440bn by 2018, growing at about 4.4% per year, according to a new report from EvaluatePharma.