TCM Life Sciences Supplies COVID-19 Diagnostic Kits Worth 9.7 Billion KRW to the U.S.

[Asia Economy Reporter Hyunseok Yoo] Molecular diagnostics specialist TCM biosciences announced on the 12th that it has signed a supply contract for a 'COVID-19 diagnostic kit' with U.S. medical device distributor Cross Ocean Medical Supplies.

Under this contract, TCM biosciences will deliver an initial shipment worth 8 million USD (approximately 9.7 billion KRW) to Cross Ocean Medical Supplies. Subsequently, the company will supply diagnostic kits worth 10 million USD (1.22 billion KRW) monthly for one year, bringing the total contract value to about 156 billion KRW. This is significant as it represents a large-scale export contract targeting the U.S. market and secures stable monthly revenue.

TCM biosciences developed the 'TCM-Q CoronaⅢ,' a product based on gene amplification (RT-PCR) technology recommended by the World Health Organization (WHO) guidelines. It can diagnose COVID-19 infection within about one hour after ribonucleic acid (RNA) extraction, and clinical trials have confirmed 100% accuracy in both sensitivity and specificity.

A company representative stated, “We signed a large-scale supply contract based on the excellent performance of our diagnostic kit,” adding, “Through Cross Ocean Medical Supplies, the diagnostic kits will be supplied to major regions in the United States.” The representative also emphasized, “To help curb the global spread of COVID-19, we are currently operating our production facilities at full capacity. We will strive to supply the kits without disruption and to expand supply to various countries.”

Meanwhile, NextBT, the largest shareholder of TCM biosciences, announced on the 20th of last month that it will acquire 100% of TCM biosciences’ shares through a comprehensive stock exchange method to enhance corporate value.

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