Zencurix Enters KOSDAQ... "Confident in Performance Leap This Year"

[Asia Economy Reporter Jang Hyowon] Molecular diagnostics specialist GenCurix has revealed a vision to drive a leap in performance this year through its breast cancer prognosis diagnostic test technology.

Sangrae Jo, CEO of GenCurix.

◆Performance Increase with Breast Cancer Prognosis Diagnostic Test

On the 9th, CEO Cho Sangrae of GenCurix held an IPO press conference in Yeouido, Seoul, stating, “After listing, we will further strengthen our product lineup and boldly pursue overseas market expansion to become a global diagnostic company.”

Founded in 2011, GenCurix is a molecular diagnostics specialist company with specialized technology in cancer diagnostics. It provides diagnostic services essential for precision medicine based on molecular diagnostic technology, aiming to improve the efficiency of cancer treatment and the quality of life for cancer patients.

GenCurix’s molecular diagnostics offer diagnostic solutions covering the entire cancer treatment cycle, from early cancer diagnosis to prognosis and companion diagnostics, as well as post-surgery monitoring tests.

Last year, GenCurix recorded sales of 136 million KRW, with operating and net losses of 6.5 billion KRW and 9.1 billion KRW, respectively. In the first quarter of this year, sales were 221 million KRW, operating loss 1.5 billion KRW, and net loss 2.9 billion KRW. 38.5% of sales came from contract manufacturing of mutation diagnostic kits for Abion. The company expects sales of 4.8 billion KRW this year from the prognosis and companion diagnostics segment.

GenCurix’s main products include the breast cancer prognosis diagnostic kit GenesWell BCT and the world’s first digital PCR-based IVD product for lung cancer companion diagnostics, GenesWell ddEGFR Mutation Test.

The breast cancer prognosis diagnostic kit is a test that identifies low-risk patients who have undergone mastectomy and do not require chemotherapy. Previously, without prognosis diagnostics, all patients were treated with chemotherapy drugs that have side effects regardless of risk group.

However, with prognosis diagnostics classifying patients as low-risk, treatment costs can be reduced and side effects minimized from the patient’s perspective.

A company representative said, “The domestic breast cancer prognosis diagnostic market is about 20 billion KRW, which corresponds to about 20% of all patients, so the potential market size is estimated at around 50 billion KRW. Currently, products from the US and Germany dominate the market, but if we start selling the breast cancer prognosis diagnostic kit in earnest from the end of this year, sales of about 3.5 billion KRW are expected.”

Additionally, GenCurix plans to export the breast cancer prognosis diagnostic kit to China next year, where the market is estimated to be about 50 billion KRW. The Chinese market is also dominated by US products, which are difficult to import, leading to counterfeit products circulating. The company aims to break through this situation.

◆Companion and Early Diagnosis, Including COVID-19 Diagnostic Kits

In the companion diagnostics field, the lung cancer companion diagnostic test GenesWell ddEGFR Mutation Test has received approval from the Ministry of Food and Drug Safety and recognition as a new medical technology, so sales are expected to begin soon.

Companion diagnostics is a technology that diagnoses which chemotherapy drugs will work well for patients. Previously, standard treatment prescribed various chemotherapy drugs sequentially, but companion diagnostics allow for selective use of chemotherapy drugs, improving treatment effectiveness and reducing side effects. GenCurix is also in the final stages of developing a companion diagnostic test for colorectal cancer.

As a new business, the company is preparing to enter the early diagnosis field. Currently, GenCurix is developing early diagnostic test products for colorectal and liver cancers. Additionally, based on its molecular diagnostic development capabilities, it is exporting COVID-19 diagnostic kits (GenePro COVID-19 Detection Test / GenePro SARS-CoV-2 Test).

These kits are currently exported to Europe, the Middle East, Asia, and the Americas, and notably, in major Latin American countries where confirmed cases have recently surged (Brazil, Chile, Peru, Colombia, Panama), approval procedures were completed in May.

GenCurix plans to raise 22.7 billion KRW based on the lower end of the desired price through this public offering. Of this, 15.8 billion KRW will be invested in various research and development (R&D) activities, and 2 billion KRW will be used to introduce analysis and production equipment. The remainder will be used for overseas marketing and operational funds.

Meanwhile, GenCurix’s desired public offering price is 22,700 to 26,100 KRW per share, with 1 million shares offered. After demand forecasting on the 10th and 11th and public subscription on the 15th and 16th, the company plans to list on the KOSDAQ market on the 25th.

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