April 24, 2024

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[THE INVESTOR] Anterogen, South Korea’s cell therapy product manufacturer, has started to gain traction with its stem cell-based orphan drug developments, a local securities firm said on Feb. 22.

Kiwoom Securities said the biotechnology company kept its pledges to turn profit in 2016 after a year it made a debut on the country’s stock market as a loss-making firm which is a good sign showing its further growth in the future. 
Anterogen swung into the black by posting revenue of 4.9 billion won (US$4.29 million) and operating profit of 120 million won for the full fiscal year.

In February 2016, the firm, which researches and develops cell therapy products and orphan drugs using adult stem cells, went public on the KOSDAQ market, pledging to turn to profit in the year.

Kim Joo-yong, an analyst at Kiwoon said the recent US Food and Drug Administration’s approvals to start clinical trials on Anterogen’s new drug candidates prove “its research and development capability and potential to step up as a global stem cell therapy producer.”

The firm received approval from the Food and Drug Administration for clinical trials on its epidermolysis bullosa dystrophica therapy on Feb. 16, following a green light on a diabetic foot ulcers treatment in November last year.

“The company is expected to attract high interest from drug makers given that its R&D pipeline is focused on orphan drugs and intractable disease treatments,” Kim said.

By Park Han-na (hnpark@heraldcorp.com)