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  1. Gov. Justice Announces UNDBIO Secures Lease in Monongalia County

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    A lower-cost insulin manufacturer has taken the next step toward establishing a location in West Virginia.

    UNDBIO, a South Korean company, has secured a lease with West Virginia University to build an insulin manufacturing facility in Morgantown.

    The company anticipates creating 200 jobs within the first three years while investing $100,000,000 in phase one of the project.

    Gov. Jim Justice celebrated the lease agreement and praised the development during a briefing at the state Capitol.

    “The Morgantown area has a strong manufacturing history and I am proud that UNDBIO will join our growing list of successful, world-leading manufacturing companies who’ve chosen the Mountain State,” Justice said.

    The company has plans to build the manufacturing facility in the West Virginia University Research Park. Company leaders have said the project is valued at about $100 million and is expected to employ as many as 1,200 when up and running.

    The company plans to partner with West Virginia University on other research projects as well.

    “It’s really a firming up of the commitment. West Virginia’s made some financial commitments, and UNDBIO has made substantial commitments to the Morgantown area,” state Development Secretary Mitch Carmichael said on MetroNews’ “Talkline.”

    He added, “It’s really a revitalization of the pharmaceutical industry in the Morgantown area, and it’s great for West Virginia — and it’s great for Morgantown in particular.”

    UNDBIO has been developing a proprietary manufacturing method aimed at lowering the cost of insulin.

    In phase one, the facility will work to secure Food and Drug Administration approval for the product. After securing FDA approval, UNDBIO plans to expand, resulting in additional jobs.

    Carmichael acknowledged the FDA approval could still take time, but he drew confidence from the insulin’s acceptance and production in other countries.

    “Ground will be broken on the building this fall, and FDA approval will not be forthcoming for probably a year and a half or two — and you can’t control the speed at which the FDA approves.

    But, Carmichael added, “the nice thing that gives everyone confidence about it is that it’s already being utilized and manufactured in other countries throughout the world. So the fact that it needs American FDA approval is significant and we’ll undergo that process, but the project is moving forward.”

    The Centers for Disease Control & Prevention reports more than 34 million people in the country have diabetes and one in 10 West Virginians are affected by the disease. The data also shows nearly 20-percent of people with diabetes skipped, delayed or rationed insulin due to cost.

    “The mission of UNDBIO is to develop and produce state-of-the-art insulin in West Virginia,” UNDBIO Chairman Caleb Jun said.

    “Our products will save human lives and improve the quality of life for those afflicted with diabetes. We are excited to see West Virginia become a mecca for manufacturing highly advanced insulin to treat diabetic patients around the world.”

     

    Original Article by Brad McElhinny on WVMetroNews.com Original Article Here

  2. Korean Drug Maker Pledges to Build Plant in Morgantown

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    MORGANTOWN W.V. – South Korean drug manufacturer UNDBIO has signed a Memorandum of Understanding pledging to manufacture insulin in West Virginia. The letter indicates there are plans to locate the facility at the West Virginia University Research Park in Morgantown.

    Mitch Carmichael, the Secretary of State for Economic Development of West Virginia and Yong Soo Jun, Chairman of UNDBIO, Inc. signed an MOU on May 17, 2022, with the state agreeing to provide fiscal, tax, and other incentives to promote the company’s production of insulin.

    “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. in a press release. “We would welcome other partners and investors into our global insulin project,” he said.

    The announcement comes with the hope that UNDBIO’s plans will come to fruition, resulting in 1,200 new manufacturing jobs in Monongalia County. UNDBIO plans to begin construction on the manufacturing plant during the second half of 2022, complete the plant in 2023 and manufacture clinical drugs for human clinical trials in 2024.

    Company officials met with U.S. Senators Joe Manchin and Shelly Moore Capito who both have expressed support for the project.

    “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,” said Manchin.

    “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.”

     

    Original Article by Dave Wilson on wvmetronews.com, June 8, 2022

    Original Article Here

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