(NewsUSA) – In a landmark Memorandum of Understanding (MOU) signed on May 17, 2022, by Mitch Carmichael, the Secretary of State for Economic Development of West Virginia, and Yong Soo Jun, Chairman of UNDBIO, Inc. the State of West Virginia agreed to provide fiscal, tax, and other incentives to promote UNDBIO’s production of insulin in West Virginia. Secretary Carmichael also pledged to work with state, county, and local officials to promote UNDBIO’s insulin production.
The purpose of the MOU is to meet the need for reasonably priced insulin in the United States and North America, as currently over 50 million persons are suffering from diabetes in the United States. In West Virginia alone 16 percent of the adult population suffers from diabetes. The most commonly used forms of analogue insulin cost 10 times more in the United States than in any other developed country.
UNDBIO estimates that its manufacture of insulin will create 1,200 new jobs in West Virginia and result in the transfer of its innovative technology platforms including human insulin, insulin analogues, and delivery innovation such as insulin sustained release injection.
UNDBIO will commence its research and construction of its West Virginia manufacturing plant in the second half of 2022, complete its pilot facility in 2023, and manufacture clinical drugs for human clinical trials in 2024.
“I am happy to establish our relationship with the State of West Virginia to manufacture affordable insulin and insulin analogues for the diabetic population around the globe,” said UNDBIO’s Chairman Jun. “We would welcome other partners and investors into our global insulin project,” he said.
UNDBIO officials recently met with U.S. Senator Joe Manchin (D-W.Va.), who said, “UNDBIO has showcased their commitment to bringing long-term, good-paying jobs to West Virginia and as UNDBIO, WVU and state officials continue discussions, my staff and I are prepared to support these efforts to bring manufacturing opportunities to the Mountain State.”
Support is echoed by U.S. Senator Shelley Moore Capito (R-W.Va.), who said “The news of this agreement between UNDBIO and the State of West Virginia is a positive step forward in UNDBIO’s quest to manufacture insulin right here in West Virginia. While there is still more work to do to finalize this new facility, I stand ready to help to make sure this becomes a reality. I congratulate UNDBIO on this advancement and look forward to supporting them in their investment that could lead to creating more than 1,000 jobs in West Virginia.”
UNDBIO has signed a Memorandum of Understanding indicating its intention to manufacture insulin at the Research Park owned by West Virginia University (WVU) in Morgantown, West Virginia. The support of federal and state officials of West Virginia was echoed by Gordon Gee, President of West Virginia University, who said, “We look forward to building a strong relationship with UNDBIO that can further an important part of our land-grant mission to provide opportunities for better access to health care.”
For further information, contact: Dr. Haiching Zhao/UNDBIO, [email protected]; Tel: 240-234-4717.
Reissue: June 15, 2022