NaiVec Achieves Operating Profit Turnaround in 4Q... "Participates in New Drug Development with Global Pharmaceutical Companies"

[Asia Economy Reporter Jang Hyowon] Nivec achieved a turnaround to operating profit in the fourth quarter of last year, demonstrating improved performance.

Nivec announced on the 10th that its operating profit in the fourth quarter of last year recorded 640 million KRW, successfully achieving a quarterly operating profit turnaround. During the same period, sales reached 3 billion KRW, a 96% increase compared to the same period last year, and net loss was reduced significantly to 800 million KRW.

Last year's annual sales grew approximately 78% year-on-year to 9.3 billion KRW, and operating loss was reduced significantly to 1 billion KRW compared to 3.4 billion KRW in 2018. Net loss was provisionally estimated at 2.7 billion KRW.

A Nivec official stated, "While showing visible results in the peptide platform business, which is a new growth engine, exports of dental regenerative biomaterials increased, greatly improving sales. In particular, since we started joint research and collaboration on new drug development applying the peptide platform with one of the global TOP 5 pharmaceutical companies, related businesses are expected to become more active this year following last year."

He added, "In the case of dental regenerative biomaterials, exports increased sharply as the product's excellent quality was externally recognized, leading to an increase in overseas regulatory approvals, which drove sales growth. Especially this year, with the CFDA approval in China imminent, we expect a more solid sales growth trend."

Meanwhile, Nivec expects the pipeline it is developing independently, including the Phase 1 clinical trial approval for an osteoporosis treatment, to become more visible. The Phase 1 clinical trial for the osteoporosis treatment is currently undergoing IRB amendment approval at Seoul Asan Medical Center, and since the Phase 1 trial is expected to take about one year, the company explained that the trial will be completed by the first half of next year.

This content was produced with the assistance of AI translation services.