□ The Korea Drug Development Fund (KDDF) is now working with WCCT Global (WCCT), a global CRO, to reinforce Korea's ability to develop new drugs that meet global standards.

○ An MOU was announced between the KDDF and WCCT in Orange County (California, USA) on the 22nd of October, 2012.

○ This MOU is the KDDF's second global MOU since its inception. The KDDF intends to pursue various collaborative plans for domestic research institutes in the same area and close cooperation for education forums and personnel development programs for new drug development.

□ Kenneth T. Ki, CEO of WCCT said “We have worked closely with many Asian countries in the areas of regulation, new drug development and initial clinical tests, and are very pleased that Korean companies will also be giving support to new drug development in the USA.”

□ Dongho Lee, CEO of the KDDF, added “following our MOU last June with PAREXEL, a global CRO, it is meaningful to extend this network with another overseas CRO. We will continue to provide diverse channels for academic, research and bio-pharmaceutical institutions, and strengthen our special consulting role for the development of new drugs that meet global standards.'

○ Lee later added, “Through this MOU, we will develop diverse cooperative plans to give practical help to domestic research institutes and companies.”

□ WCCT Global is an outsourcing company for initial level clinical development in the areas of pharmaceutical, biotechnology and medical equipment industry, and provides regulation, program management and strategic consulting support for domestic and international innovation companies.

□ The KDDF was officially launched in September as a government-wide R&D project with the Ministry of Education & Science, the Ministry of Knowledge Economy and the Ministry of Health & Welfare. It is the largest new drug development project in Korea, and aims to construct 10 new drug development systems and advance a new drug development R&D investment platform.