It has been confirmed that Summit Biotech, a Taiwanese company, filed a patent for Samchundang Pharmaceutical's (000250) core technology, the oral formulation platform 'S-PASS.' Summit is the company that made a technology export of two magnetic resonance imaging (MRI) contrast agent products to Samchundang Pharmaceutical in 2018.
According to Summit's patent documents exclusively obtained by the Seoul Economic Daily on the 7th, Summit filed a patent in June 2024 based on the results of animal experiments conducted with 'SCD oral insulin,' 'liraglutide (Saxenda) orally administered via the SCD method,' and 'semaglutide (Wegovy) via the SCD method.' SCD is the development code name used by Samchundang Pharmaceutical. The 'micelle complex' included in the patent title 'Biological Complex, Micelle Complex Derived Therefrom, and Method for Preparing the Same' is a carrier that Samchundang Pharmaceutical has stated it uses with S-PASS technology to enhance drug absorption in the body. A Samchundang Pharmaceutical official said, "Summit is one of several overseas research institutes mentioned by CEO Jeon In-seok at the press conference the day before, and Samchundang is fully covering all costs related to S-PASS," adding that "Samchundang Pharmaceutical holds 100% ownership of the patent."
However, concerns have been raised that Summit's actual substance as a research institute is also unclear. The company's paid-in capital is only 1.5 million yuan (approximately 300 million won), and its total capital is merely 10 million yuan (approximately 2.2 billion won). This stands in stark contrast to ABL Bio, which invested a total of 27.6 billion won in capital (as of the end of last year) into subsidiaries such as Neok Bio, established for U.S. clinical trials. Summit's registered address is listed as '18th Floor, No. 478, Section 3, Mingzhi Road, Taishan District, New Taipei City, Taiwan.'
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