(Yicai Global) July 21 -- Traditional Chinese medicine maker Jiuzhitang Co. [SHE:000989] said yesterday that its wholly-owned subsidiary Mudanjiang Youbo Pharmaceutical LLC has signed a cooperation agreement with US-based TRIM-edicine Inc. to engage in the research and development, production and distribution of Mitsugumin53 (MG53) protein-related products that can help repair cell membranes.
Youbo and TRIM-edicine will contribute USD600,000 and USD400,000, respectively, to set up an R&D joint venture in China. The joint venture will spend USD8 million to buy exclusive usage rights to some of TRIM-edicine's patents, USD3 million to fund TRIM-edicine's cultivation of MG53 protein probiotic strains and another USD3 million to back TRIM-edicine in developing related technologies so that the secretion of MG53 can meet industrial production requirements, Jiuzhitang said.
Chinese-American molecular biologist Ma Jianjie established and controls TRIM-edicine. MG53 proteins developed by a research team led by Ma can help repair cells and tissue, and their recombinant MG53 proteins can be used to treat traumatic injuries and diseases or for cosmetic purposes.
This partnership will provide important resources and technical support for Youbo to enter the field of biomedicine, Jiuzhitang said.