Israel-based aesthetic device company Syneron Medical (NSDQ:ELOS) landed Korean regulatory approval for its elure skin-lightening product, a victory the company touts as crucial in a high-demand market.
Asian countries account for more than 95% of the demand for skin-lightening products, amounting to an estimated $8 billion market, according to Syneron. The company estimated that anywhere from 1-in-4 to 1-in-2 consumers in that market use facial lightening products on a daily basis.
The company’s Elure product uses a proprietary enzyme called Lignin Peroxidase which reduces the presence of the skin pigment melanin. The Korean Ministry of Food & Drug Safety approved the product this week, based on positive laboratory results.
"Korea, Japan, and the People’s Republic of China are the core countries and focus for Elure in our Asia-Pacific strategy, so the Korean MFDS approval is a key milestone towards commercialization," said Jonathan Pearson, EVP Business Development, in prepared remarks.