• EOFlow Makes a Significant Investment in EOPump Manufacturing Capacity

    Sep.06.2021
  • 210906 EOFlow Makes a Significant Investment in EOPump Manufacturing Capacity_FN.pdf (0k)
  • ▶ Funding up to 18 billion KRW secured through loans from the Korea Development Bank
    ▶ Automation to reduce production costs and expand manufacturing capacity


    EOFlow (KOSDAQ: 294090) (EOFlow or the Company), a provider of wearable drug delivery solutions, today announced that it will make a large investment to its EOPump manufacturing facility.
     
    EOFlow is investing in the manufacturing facility expansion and addition of automated manufacturing lines. For this purpose, the Company has recently secured a credit line of 18 billion Korean Won through a facility fund loan from the Korean Development Bank.
     
    EOFlow previously announced acquisition of a manufacturing facility in Gwangju, Gyeonggi-do in South Korea on June 15. The funding will be used for renovation and setup of automated manufacturing lines for that facility to enable EOFlow to transition from use of contract manufacturing to its own fully equipped manufacturing of EOPump. EOFlow has been contracting out the manufacturing of both its EOPump- a disposable actuator, and EOPatch - a wearable disposal insulin pump that uses EOPump. The Company now plans to manufacture its core component, EOPump, to better prepare itself for cost control and serving future demands.
     
    Through this investment, the Company eventually expects to see a very high level of automation throughout the entire manufacturing process. Once introduced, the automation will not only dramatically increase the production capacity but also significantly reduce manufacturing cost. The Company added that it is responding proactively to the expected pent-up demand in EOPump as it is a core component to all its current and future products.
     
    Manufacturing facility at the new plant will be built in accordance with the strict medical device manufacturing and quality control standards such as GMP (Good Manufacturing Practice). Moreover, all manufacturing equipment and the system will meet the global standards that the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA) have set.
     
    "This large investment in the automation of EOPump production means that the manufacturing process of this core component is now mature, and that we are expecting a significant increase in demand in the near future," Jesse Kim, CEO of EOFlow, said. "We are expecting strong and sustained increase in demand from the current and future business partners from regions such as Europe, China, and the United States. Ultimately, we will have the capability to manufacture more than 1 million units per month from this new site," he added.
    EOFlow (KOSDAQ: 294090) (EOFlow or the Company), a provider of wearable drug delivery solutions, today announced that it will make a large investment to its EOPump manufacturing facility. 

    EOFlow is investing in the manufacturing facility expansion and addition of automated manufacturing lines. For this purpose, the Company has recently secured a credit line of 18 billion Korean Won through a facility fund loan from the Korean Development Bank.

    EOFlow previously announced acquisition of a manufacturing facility in Gwangju, Gyeonggi-do in South Korea on June 15. The funding will be used for renovation and setup of automated manufacturing lines for that facility to enable EOFlow to transition from use of contract manufacturing to its own fully equipped manufacturing of EOPump. EOFlow has been contracting out the manufacturing of both its EOPump- a disposable actuator, and EOPatch - a wearable disposal insulin pump that uses EOPump. The Company now plans to manufacture its core component, EOPump, to better prepare itself for cost control and serving future demands.

    Through this investment, the Company eventually expects to see a very high level of automation throughout the entire manufacturing process. Once introduced, the automation will not only dramatically increase the production capacity but also significantly reduce manufacturing cost. The Company added that it is responding proactively to the expected pent-up demand in EOPump as it is a core component to all its current and future products.

    Manufacturing facility at the new plant will be built in accordance with the strict medical device manufacturing and quality control standards such as GMP (Good Manufacturing Practice). Moreover, all manufacturing equipment and the system will meet the global standards that the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA) have set. 

    "This large investment in the automation of EOPump production means that the manufacturing process of this core component is now mature, and that we are expecting a significant increase in demand in the near future," Jesse Kim, CEO of EOFlow, said. "We are expecting strong and sustained increase in demand from the current and future business partners from regions such as Europe, China, and the United States. Ultimately, we will have the capability to manufacture more than 1 million units per month from this new site," he added.
     

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