Mr. Yunji Kim reports

EASTWOOD BIO-MEDICAL CANADA ANNOUNCES MOU WITH QUANTUM VENTURES FOR AI-DRIVEN MATERIA MEDICA 2.0 PROJECT AND PRODUCTION EXPANSION

Eastwood Bio-Medical Canada Inc. has signed a memorandum of understanding with Quantum Ventures Co. Ltd. Quantum is a venture capital company based in Seoul, Korea.

The MOU features terms regarding cooperation on the proposed artificial-intelligence-driven Materia Medica 2.0 project. The project will focus on the development of new medicinal and health related products using AI (artificial intelligence) technology. The company has been advancing research in this area, including through its previously announced joint research agreement with BioNexus Inc. The company proposes the expansion of the application of P-700, which is mainly focused on metabolism disorders to other health issues.

The MOU also contemplates co-operation to expand Eastwood's production capabilities and China business, including its existing JD.com store.

Under consideration is the co-operation with Quantum providing investment funds and Eastwood contributing its data and related expertise. The company is in talks with several more venture capitals regarding the project, and expects to publish further news regarding the matter in the future.