Mediprogen Has Entered Into Commercial Discussions With Moolec to Expand Their Technology Into the Cosmetics Global Market
PYEONGCHANG, South Korea, May 9, 2024 (Newswire.com) - Mediprogen Inc., a company that produces purified protein for the global cosmetics & skincare, pharmaceutical, and industrial protein market through the use of genetically modified soybeans seeds, has signed a non-binding Memorandum of Understanding (“MOU”) with Molecular Farming leader Moolec Science S.A. (NASDAQ:MLEC) to engage in a commercial agreement for the use of Moolec’s patented Piggy Sooy™ technology and infrastructure for cosmetics and other non-food global markets.
Mediprogen's Chief Executive Officer, Ph.D Donghern Kim, emphasizes the transformative potential of Plant Molecular Farming technology for the company's goals. He stated: “At Mediprogen, we're committed to pushing boundaries and accelerating our products' journey to market. Our collaboration with Moolec presents an exciting opportunity to leverage cutting-edge technology, ultimately enhancing our strategy across cosmetics: a growing sector from $63.59 billion in 2023 to an estimated $114.32 billion by 2030 at a CAGR of 8.7%.”
Dr. Kim highlights Moolec's exceptional track record in Molecular Farming, particularly their groundbreaking work with soybeans, showcased through innovations like their patented Piggy Sooy™ product and recent regulatory approvals. He acknowledges: “Moolec's expertise in this field is unparalleled, and we're thrilled to tap into their wealth of experience. By collaborating with a leader like Moolec, we're poised to replicate their success and pioneer new applications of Molecular Farming technology in diverse industries.”
Concluding, Dr. Kim underscores the mutual benefits of collaboration, pointing out the potential for synergy on both technological and operational fronts. He finishes by affirming: “There's immense potential for us to achieve shared success through collaboration. Together, we can navigate opportunities and challenges, driving innovation and growth for both Mediprogen and Moolec."
The MOU outlines a collaborative research project intended to culminate in a formal commercial agreement for the utilization of Moolec’s advanced protein expression technology, specifically the Piggy Sooy™ platform, in genetically engineered soybeans. The scope of this agreement is tailored towards non-food and animal feed markets, with a primary focus on research, development, manufacturing, and commercialization of products containing specialized non-food molecules derived from soybeans. These products are specifically targeted for application in the cosmetics and skincare industries.
About Mediprogen
Mediprogen Inc. is a plant biotech venture company which aims to produce valuable cosmetic and pharmaceutical proteins from biotech soybean seeds. Mediprogen uses several plant biotech techniques to improve protein productivity, such as optimizing gene expression vectors and codon usage, etc. The company’s target productivity is more than 1% (w/w) seed weight.
Source: Mediprogen Inc.
