▶ EOFlow and UXN sign mutual equity investment agreement to strengthen mutual trust for future competitiveness
▶ Convergence of low-power electroosmotic pump with continuous blood glucose measurement technology for the development of two-part and integrated wearable artificial pancreas systems
EOFlow(KOSDAQ, 294090), a company specializing in wearable drug delivery solutions, announced on July 30th that it will participate in the three-way allocation paid-in capital increase of UXN(KONEX, 337840). EOFlow will invest 4 billion Korean won and acquire 160,900 shares of the redeemable convertible preferred stock of UXN. The payment is due August 9th.
UXN also announced that it will acquire 59,353 shares of EOFlow through an investment worth 3.5 billion Korean won in EOFlow.
UXN specializes in a continuous glucose monitoring system with platinum-based blood glucose sensors. The Company uses nanoporous platinum instead of a glucose-sensitive enzyme; the sensor does not require calibration. It is known to tolerate degeneration by chemical/physical changes and have a longer life span than existing enzymatic sensors. The Company will soon begin clinical trials of its CGMS.
EOFlow plans to co-develop a two-part and an integrated wearable artificial pancreas with UXN.