Janssen Korea Ltd. and Johnson & Johnson Innovation Announce Launch of Seoul Innovation QuickFire Challenge for Healthcare in the New Normal in Collaboration with Seoul Metropolitan Government and...

- QuickFire Challenge calls on innovators to identify and accelerate potential solutions aiming to improve patient care in our post-COVID world.

- Awardees will receive up to KRW150,000,000 (approximately US $125,000)[1], residence at the Seoul Bio Hub, and mentorship and coaching from experts at the Johnson & Johnson Family of Companies..

SEOUL, Korea, July 1, 2020 /PRNewswire/ -- Janssen Korea Ltd. and Johnson & Johnson Innovation LLC today announced the launch of the Seoul Innovation QuickFire Challenge for Healthcare in the New Normal in collaboration with the Seoul Metropolitan Government (SMG) and the Korea Health Industry Development Institute (KHIDI). The challenge invites innovators from around the world to submit ideas aiming to address and enable potential healthcare solutions for these challenging times. Specific areas of interest include:

• Health technologies including big data, artificial intelligence, and block chain
• E-health platforms that can improve the patient journey, empowering decision making for physicians and leading to better patient outcomes
• Rapid diagnostics for early detection and monitoring of rare diseases – in particular for Pulmonary Hypertension (PH)
• Companion diagnostics for oncology
• Smart systems for vaccine distribution and patient adherence

Up to two awardees will receive up to KRW150,000,000 (approximately US$125,000)² in grant funding, one year of residency at the Seoul Bio Hub, and access to mentorship, programming, and resources from the Johnson & Johnson Innovation - JLABS ecosystem.

"As the world continues to rapidly respond to the COVID-19 pandemic, forward-thinking innovations are critical to fill the gaps in medical care, addressing the needs of patients now and preparing for what may lie ahead,'" said Melinda Richter, Global Head, Johnson & Johnson Innovation – JLABS³. "COVID-19 has changed our everyday lives, and we recognize that this 'new normal' may likely be long-lasting."

JLABS —  a global network of open innovation ecosystems — has developed the QuickFire Challenge platform with the aim to empower and enable potential groundbreaking science and health solutions by encouraging students, entrepreneurs, researchers and start-up companies to tackle some of the world's most challenging problems in healthcare.

"Almost overnight, the life sciences community around the world has mobilized to respond to COVID-19. At the same time, the pandemic is a pressure test on innovators' ability to bring their ideas to life. In collaboration with local leaders, we are working to support the entrepreneurial community to provide much needed resources in this new normal in healthcare. We must innovate more and innovate fast," said Jenny Zheng, Area Managing Director, Janssen North Asia⁴.

The QuickFire Challenge aims to advance breakthrough innovations by combining Johnson & Johnson Innovation's unique vision for collaboration in an open innovation model with the Seoul Metropolitan Government's efforts to drive innovation and commercialize its research outcomes; KHIDI's professional and systems-building support; and the Seoul Bio Hub's ability to accelerate the development and commercialization of potential early-stage, life-science solutions.

This announcement marks the fourth QuickFire Challenge in Korea, following the launch of the previous Seoul Innovation QuickFire Challenges in August 2017, August 2018, and July 2019.

The deadline to apply is August 31, 2020. For more information about the Seoul Innovation QuickFire Challenge: Healthcare in the New Normal (including the terms and conditions of entry), please visit: jlabs.buzz/seoul-innovation.

About Johnson & Johnson Innovation 

Johnson & Johnson Innovation LLC focuses on accelerating all stages of innovation worldwide and forming collaborations between entrepreneurs and Johnson & Johnson's global healthcare businesses. Johnson & Johnson Innovation provides scientists, entrepreneurs and emerging companies with one-stop access to science and technology experts who can facilitate collaborations across the pharmaceutical, medical device and consumer companies of Johnson & Johnson. Under the Johnson & Johnson Innovation umbrella of businesses, we connect with innovators through our regional Innovation Centers; Johnson & Johnson Innovation – JLABS; Johnson & Johnson Innovation – JJDC, Inc.; and our business development teams to create customized deals and novel collaborations that speed development of innovations to solve unmet needs in patients. JLABS provides the laboratories, expertise, education, tools and resources needed to help life science startups thrive, all with no strings attached. A Johnson & Johnson Innovation Center for Device Innovation at the Texas Medical Center (CDI @ TMC) has been established to accelerate the development of medical devices. For more information about Johnson & Johnson Innovation, please visit: www.jnjinnovation.com.

About Johnson & Johnson Innovation – JLABS

Johnson & Johnson Innovation - JLABS (JLABS) is a global network of open innovation ecosystems, enabling and empowering innovators across a broad healthcare spectrum including pharmaceutical, medical device, consumer and health tech sectors to create and accelerate the delivery of life-saving, life-enhancing health and wellness solutions to patients around the world. JLABS achieves this by providing the optimal environment for emerging companies to catalyze growth and optimize their research and development by opening them to vital industry connections, delivering entrepreneurial programs and providing a capital-efficient, flexible platform where they can transform the scientific discoveries of today into the breakthrough healthcare solutions of tomorrow. At JLABS, we value great ideas and are passionate about removing obstacles to success to help innovators unleash the potential of their early scientific discoveries. JLABS is a no-strings-attached model, which means entrepreneurs are free to develop their science while holding on to their intellectual property. JLABS also produces campaigns to seek out the best science called QuickFire Challenges. For more information, visit www.jlabs.jnjinnovation.com or follow @JLABS. 

About the Janssen Pharmaceutical Companies of Johnson & Johnson

At Janssen, we're creating a future where disease is a thing of the past. We're the Pharmaceutical Companies of Johnson & Johnson, working tirelessly to make that future a reality for patients everywhere by fighting sickness with science, improving access with ingenuity, and healing hopelessness with heart. We focus on areas of medicine where we can make the biggest difference: Cardiovascular & Metabolism, Immunology, Infectious Diseases & Vaccines, Neuroscience, Oncology, and Pulmonary Hypertension. Learn more at www.janssen.com. Follow us at www.twitter.com/JanssenGlobal. Janssen Korea Ltd. is one of the Janssen Pharmaceutical Companies of Johnson & Johnson. 

Cautions Concerning Forward-Looking Statements

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 related to a new collaboration and product development. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Janssen Korea Ltd., any of the other Janssen Pharmaceutical Companies, Johnson & Johnson Innovation LLC and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to: the potential that the expected benefits and opportunities related to the collaboration may not be realized or may take longer to realize than expected; challenges inherent in new product development, including the uncertainty of clinical success and obtaining regulatory approvals; competition, including technological advances, new products and patents attained by competitors; uncertainty of commercial success for new products; the ability of the company to successfully execute strategic plans; impact of business combinations and divestitures; challenges to patents; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; and global health care reforms and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for the fiscal year ended December 29, 2019, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in the company's most recently filed Quarterly Report on Form 10-Q, and the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Janssen Korea Ltd., any of the other Janssen Pharmaceutical Companies, Johnson & Johnson Innovation LLC and Johnson & Johnson do not undertake to update any forward-looking statement as a result of new information or future events or developments.

¹1 South Korean won equals 0.00083 United States Dollar
² From the KRW150 million grant, each awardee will receive a KRW75 million grant including one-year mandatory residency, which must be used toward the rent and utilities at the Seoul Bio Hub for a year.
³Melinda Richter is employed by Johnson & Johnson Innovation LLC
⁴Jenny Zheng is employed by Janssen Korea Ltd.

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SOURCE Johnson & Johnson Innovation