The MOU was signed under transferring the manufacturing technology of the Cervical Foraminal Dilator, which is cooperatively developed by Ewha and Dongguk University, to Jeil Medical, a professional medical device manufacturing enterprise. In return, EUICF and Dongguk University will be receiving advance payment for the technology and royalties after it is released in the market.
Ewha Womans University, Dongguk University and Jeil Corporation also announced collaborative future plans to expand the field of such technology.
In an attempt to target the market of surgical instruments for cervical spine operation, each institution agreed upon commercialization of medical appliances, joint technology development, nurturing talents and interchange of human resources.
The transferring technology aims to treat nerve disorders such as Cervical Foraminal Stenosis by expanding the intervertebral foramen where nerve root passes. The technology will be crucial in treating and preventing degenerative disk diseases as well.
This technology is especially expected to be helpful for the elderly who feels surgeries burdensome since it allows operations with local anesthesia that minimizes the risk of harming nerve fascicles.
“With advance payment and royalties, we expect constant profits for the following 10 years,” said Jeon Mi-Kyeong, an official at the Industry Collaboration Foundation. “Since 70 percent of these profits will be given to researchers as incentives, we expect researchers to be motivated to produce fulfilling results that return as profits to the corporation and the school. We hope this cycle continues on.”