PharmaResearch, the pharmaceuticals and biotech corporations known for the salmon injection "Rejuran," had an "unfortunate mishap" when it misspelled an outside director nominee's English name in a notice convening its shareholders meeting. Still, industry watchers say bringing in this outside director is a meaningful move tied to the strategy of expanding in global markets. The PharmaResearch shareholders meeting will be held on the 27th.
PharmaResearch corrected the outside director nominee's English name in an amended notice of shareholders meeting filed on the 9th. In a filing on the 6th, the company listed new outside director nominee Roman Militsin's English name as "Roman Miltsin," omitting one "i." The company later confirmed the error and submitted a correction.
Filings with the Financial Supervisory Service are a system that provides key management information of corporations to investors and shareholders. Because disclosures directly affect investment decisions, accuracy is paramount. When errors or omissions are found after a filing, corporations correct the contents through an amended filing.
Despite the mishap, PharmaResearch's reason for appointing Militsin as an outside director is to strengthen its overseas business.
Militsin, a Russian native, formerly headed the Korea unit of global tobacco corporations Philip Morris. He acquired Korean citizenship and later worked as a consultant. He is now a project director at the brand consulting corporations "Luxury Business Group." The company is headquartered in Seoul and carries out brand development and business consulting that connects Europe and Asia.
Outside directors review key management strategies of corporations and provide expert opinions in decision-making. They also serve an important role in corporate governance as board members who check unilateral decisions by management.
At this shareholders meeting, PharmaResearch will also table an agenda item to appoint Michael Kim, head of the medical strategy division, as a new inside director. If U.S. national Michael Kim is appointed an inside director at the meeting, he would become PharmaResearch's first foreign inside director since the company was founded in 2001.
Michael Kim earned a Ph.D. in medical science from Seoul National University College of Medicine. He then completed a family medicine training program at the National University of Singapore and finished a dermatology specialization. He also served as international academic director at the Korean Society for Laser, Dermatology and Trichology. Since joining PharmaResearch in mid-2025, he has attended overseas conferences, engaged with local medical professionals, and led the company's global medical strategy.
Recently, domestic pharmaceuticals and biotech corporations have increasingly been recruiting global talent to expand overseas operations. However, it is still uncommon for foreign nationals to serve on boards that handle corporations' decision-making. In the industry, PharmaResearch's inclusion of global talent in both outside and inside director roles is being interpreted as a strong commitment to expanding in overseas markets.
PharmaResearch is accelerating its overseas expansion centered on its flagship product "Rejuran." Rejuran is a skin-regeneration injection made from DNA extracted from salmon and is considered the company's key growth driver.
Buoyed by this, PharmaResearch posted 535.7 billion won in sales last year, with overseas sales accounting for about 39%. Operating profit for the same period was 214.2 billion won. The company aims to sustain earnings growth by stepping up its push into global markets.
In fact, in Feb., PharmaResearch signed an exclusive Rejuran supply contract with Brazilian aesthetics corporations Dermadream. Last year, it partnered with French aesthetics corporations Vivacy and moved to enter 22 European countries, including the United Kingdom, Germany, France, Italy and Spain. It recently obtained item approval from the Saudi Food and Drug Authority and is entering the Middle East market.
Global investors are also paying attention. In Dec., PharmaResearch attracted investment from global investment bank Morgan Stanley. Morgan Stanley currently holds a 4.39% equity stake in PharmaResearch.
The PharmaResearch shareholders meeting is scheduled for the 27th at PharmaResearch's second plant in Gangneung, Gangwon Province.