April 27, 2024

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The building of Cha Bio complex in Bundang, Gyeonggi Province. (Cha Biotech)

CHA Biotech announced on Thursday that it achieved a historic milestone in its annual revenue for last year, marking a record-breaking consolidated revenue of 954 billion won ($715 million), a notable 13 percent increase from the previous year.

The company also saw a significant improvement in operating losses, reducing them by approximately 37.5 billion won to 9.6 billion won compared to the previous year.

In a separate analysis, CHA Biotech reported a remarkable surge in revenue to 69.2 billion won, up by 63 percent from the previous year, accompanied by its highest-ever operating profit of 17.8 billion won since its establishment.

The company attributed this outstanding performance to its successful operations in overseas markets such as the United States and Australia, as well as its domestic subsidiaries including CMG Pharmaceutical, focusing on pivotal areas like cord blood storage, genomic analysis, diagnostics, and contract development and manufacturing organization services.

Furthermore, CHA Biotech highlighted the positive impact of receiving a contractual down payment for transferring retinal pigment epithelial and embryonic cell technologies to AIRM, a subsidiary of Japanese pharmaceutical giant Astellas, further boosting its financial performance.

Looking ahead, CHA Biotech aims to intensify its research efforts on cutting-edge therapies, particularly focusing on solid tumor immunocell therapy with "CBT101" and umbilical cord-derived stem cell therapy with "CordSTEM-DD' " in the current year.

CEO Oh Sang-hoon expressed confidence in the company's growth prospects, stating, "We are confident in surpassing the 1 trillion won mark in consolidated revenue this year. Leveraging the opportunities presented by the amended Advanced Regenerative Medical Service Act, we are committed to expanding our research pipeline, accelerating product commercialization, and actively pursuing CDMO contracts to drive further success."

By Investor News (investor@heraldcorp.com)