On May 26, Daegu City signed an MOU with Intuitive Medi Corp. at City Hall for inducement of the company's investment for R&D and production facilities related to biomaterials, medical robots, etc. in the Daegu High-Tech Medical Complex.

 After acquisition of Korea Advanced Materials Co., Ltd. in Gimhae City, which has secured unique acryl resin binder manufacturing technology, Intuitive Medi Corp. transformed its business from a focus on electronic materials to medical robots along with biomaterials and plans to make a new business start-up in Daegu in June this year.

 The company has produced bioadhesives test products, in particular, among biomaterials, and is pursuing certifications from Korea Food & Drug Administration (KFDA), U.S. FDA, CE, etc. Bioadhesives are skin closures with applications in a wide range of fields, including surgical adhesion & bonding and arrest of bleeding.  

 The company plans to enter Daegu Technopark and establish a corporation for R&D and commercialization of bioadhesives, artificial bone, artificial skin, orthopedic robot, biopsy robot, automatic suture robot, etc. and then to establish an R&D institute and production facilities in 2012 when Daegu High-Tech Medical Complex is launched.

 CEO Kim Dong-Jin announced the company's plan to invest 106 billion won from 2010 until 2014 (3.8 billion won in factory and facilities, 4.9 billion won in R&D and 97.3 billion won in operating funds). He revealed that if the investments are made as scheduled, his company's sales would reach seven billion won in 2011 and 57 billion won in 2014.

 As Intuitive Medi Corp. desires to start business in the region and to nurture the high-tech medical industry, Daegu City intends to provide full support for identification of joint R&D projects with the CORE center of Daegu Medical Complex, support R&D links with regional universities and pursue selection for the government's related national policy tasks by leveraging on the strengths of the region.