April 24, 2024

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[THE INVESTOR] US-based Acess Bio said on July 4 it had signed a US$1.09 million contract with two drug distributors, including PFSCM, to supply its malaria diagnostics kit.

With the deal, the company’s rapid diagnostic tests that detect malaria antigens will enter African markets, which account for 90 percent of the global cases of the epidemic disease. Shares have climbed 0.46 percent. 

The biotech firm expects its market share will continue to increase through expanded production sites of its affiliate Access Bio Korea, located in North Gyeongsang Province.

Revenues of Access Bio rose 103 percent year-on-year to 10.6 billion won (US$9.51 million) in the first quarter. “We are launching a variety of new diagnostics products for dengue, flu, HIV RDT, and HbA1c and pursuing registration and active marketing in foreign markets. We expect the revenue structure to diversify as the sales portion of new products increases,” a company official said.

Founded in 2002, the company was listed on Korea’s secondary KOSDAQ in 2013.

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