Rexpharm Forms MOU with Timely Basket to Develop and Distribute Health Foods in U.S.
Reading Time: < 1 minuteRexpharm, a Korean health food company, has signed a Memorandum of Understanding (MOU) with Timely Basket to establish a cooperation framework for the joint development of health functional foods and product sourcing, aiming to expand into the U.S. market.
Timely Basket, a subsidiary of OTG New York and More Trading, specializes in distributing Korean food and beauty products across the eastern U.S., handling both online and offline logistics.
Rexpharm, founded in 2021 by Chairman Park Young-soon, who also established the Onnuri Pharmacy Chain, specializes in sanghwang mushroom cultivation technology and health functional food manufacturing.
The MOU outlines plans for ▲Product development and supply through sanghwang mushroom cultivation technology ▲Mutual sourcing cooperation for health functional foods between Korea and the U.S. ▲Entry and operation on Amazon in the U.S. ▲Registering and managing Rexpharm’s domestic factory through the FDA .
With this agreement, Rexpharm aims to focus on professional health functional food development and sourcing, while leveraging Timely Basket’s distribution and marketing channels to pave the way for entry into the U.S. market.
Rexpharm CEO Jeong Sang-yoon said, “We look forward to introducing a variety of products developed with sanghwang mushroom cultivation technology to the U.S. market through Timely Basket, and aim to expand globally beyond the U.S.”
Leighann Choi, CEO of Timely Basket, added, “We’re excited to introduce products made with sanghwang mushroom cultivation technology and other health functional foods to the U.S. market through our collaboration with Rexpharm.”
[Korean bioHealth Startups News]
- MedInTech Secures 20 billion KRW Series B Investment for Innovative Medical Endoscope
- Korea’s MSS Hosts Korea-Japan Bio Ecosystem Roundtable: Fostering Collaboration Between Both Nations
- ‘RADICURE’ Secures pre-Series A funding for Innovative Digital X-ray Dementia Treatment
- Dreampac Secures Funding to Develop PIPAC for Treating Peritoneal Carcinomatosis
- SEOUL BIOHUB Global Center Opens, Aiming to Boost Global BioTech Competitiveness
- Delight Room Invests in Soundable Health for Advanced Sound Analysis in Healthcare
- Apollon Secures 2.3 Billion KRW in Funding for Innovative Needle-Free CGM Technology
- Korean Space Medicine Startup SpaceLiintech Lands 4 Billion KRW Series A Funding
- ArtBlood Secures KRW 6.5 Billion in Series A for Synthetic Blood Production
- GLOUD Raises 3B KRW in Pre-Series A for Global Dental Digital Transformation Expansion