GenCurix Weak on First Day of Up-Listing... 'Strength in Mass Testing with FDA Approval of COVID-19 Diagnostic Kit'

[Asia Economy Reporter Hyungsoo Park] Zencurix is experiencing a sharp decline compared to the opening price on the first day of its transfer listing to the KOSDAQ market. It appears that many investors are realizing profits as the company moved from the KONEX market to the KOSDAQ market.

As of 9:11 AM on the 25th, Zencurix is trading at 22,700 KRW, down 9.56% from the opening price. The opening price on this day was set at 25,100 KRW, which is 10.57% higher than the public offering price of 22,700 KRW.

Founded in 2011, Zencurix is a molecular diagnostics specialist company with advanced technology in the field of cancer diagnosis. It provides diagnostic solutions covering the entire cancer treatment cycle, from early cancer detection to prognosis and companion diagnostics, as well as post-surgery monitoring tests. Zencurix’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, the GenesWell ddEGFR Mutation Test.

Leveraging its molecular diagnostic test development capabilities, the company is also exporting COVID-19 diagnostic kits (GenePro COVID-19 Detection Test / GenePro SARS-CoV-2 Test). These kits have received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA).

The approved 'GenePro SARS-CoV-2 Test' product is an improved version of the first COVID-19 diagnostic kit introduced in March, the 'GenePro COVID-19 Detection Test,' with enhanced testing convenience. It can test 384 samples at once, which is a significant advantage compared to most COVID-19 diagnostic kits that can only test up to 96 samples at a time.

A Zencurix representative stated, "Among COVID-19 diagnostic kits approved by the U.S. FDA, Zencurix’s product is the only one capable of testing 384 samples simultaneously." They added, "With the number of confirmed cases in the U.S. surpassing 2 million and the continued spread of the coronavirus, the FDA approval holds great significance."

Last year, Zencurix recorded sales of 136 million KRW, an operating loss of 6.5 billion KRW, and a net loss of 9.1 billion KRW. In the first quarter of this year, it posted sales of 221 million KRW, an operating loss of 1.5 billion KRW, and a net loss of 2.9 billion KRW. 38.5% of sales came from contract manufacturing of mutation diagnostic kits for Abion.

Choi Jong-kyung, a researcher at Heungkuk Securities, explained, "Zencurix’s lung and colorectal cancer companion diagnostic tests are recognized for their competitiveness to replace existing competing products based on their significantly higher sensitivity." He added, "The lung cancer companion diagnostic test has already received new medical technology certification, and it is expected to secure price competitiveness with the completion of insurance reimbursement notification in the second half of this year."

He continued, "The company’s new business areas, including early diagnosis of liver and colorectal cancers and the COVID-19 diagnostic kits capable of mass testing, also demonstrate Asia’s No.1 molecular diagnostic competitiveness."

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