Company
Business
Stem Cell Therapy
Organoid
CDMO Business
IR Resource Center
Kangstem Biotech strives to develop an innovative new drug for patients suffering from rare and incurable diseases.
IR Letter for the First Half of the Year
26
2024.08
Kangstem Biotech’s IR letter for the first half of 2024 has been released. During this period, both separate and consolidated sales remained at KRW 3.56 billion, and the consolidated net profit was KRW 470 million, marking the company's first achievement of profitability.
Kangstem Biotech’s IR letter for the first half of 2024 has been released. During this period, both separate and consolidated sales remained at KRW 3.56 billion, and the consolidated net profit was KRW 470 million, marking the company's first achievement of profitability. This net profit resulted from the gain on the disposal of the subsidiary Croen and improvements in the business structure.
Key activities included the sale of approximately 50% of the subsidiary Croen to HLB Biostep and the signing of an MOU to commercialize organoid-based animal replacement testing methods.
Additionally, we announced the results of the MRI-based imaging evaluation of the mid-dose arm in the Phase 1 clinical trial of OSCA for osteoarthritis. Our affiliate, Primoris Therapeutics, received approval for the Australian Phase 1/2a IND for PMS-101, an exosome-based burn treatment.
In July, we released topline data from a Phase 3 clinical trial of Furestem-AD®Inj. for atopic dermatitis. We also filed for approval with the Japanese Ministry of Health, Labor, and Welfare for a Class 1 regenerative medicine using cord blood stem cells to treat patients with atopic dermatitis.
OSCA, a treatment for osteoarthritis, is expected to receive the full results of its Phase 1 clinical trial in October. Following this, it will attend Bio Europe in November and plans to present the Phase 1 results at conferences in Japan and overseas.