[BizLeader] CEO Im Gukjin "Achieved 40% Domestic Market Share... Accelerating Overseas Expansion"

Proteomec, a Specialized Company in In Vitro Diagnostic Medical Devices
Scheduled for KOSDAQ Technology Special Listing in May
Developed Blood Test-Based Allergy Multiplex Diagnostic Kit

"In the domestic market, we have already surpassed overseas competitors. Now is the time to aggressively expand our presence beyond Korea into international markets."

Lim Guk-jin, CEO of ProteomeTech, shared this vision with Asia Economy following the company's upcoming KOSDAQ listing. ProteomeTech, a specialized in vitro diagnostic medical device company currently listed on KONEX, is preparing for a KOSDAQ technology special listing this May.

Lim Guk-jin, CEO of ProteomeTech. / Photo by Jang Hyo-won

Founded in 2000, ProteomeTech develops diagnostic kits that measure the state of diseases within the human body and provide information. Its main diagnostic focus is allergies. CEO Lim explained, "Allergies were once considered diseases of developed countries, but recently, about 30% of the population suffers from them. Allergies cause hypersensitivity reactions, rhinitis, asthma, and atopic dermatitis, and in severe cases, can lead to anaphylactic shock, which can be life-threatening."

According to market research firms, the global allergy in vitro diagnostic testing market is expected to grow to $1.289 billion (approximately 1.7 trillion KRW) by 2024. By country, it is estimated that 3-4% of the total population undergo allergy testing annually. In Korea, more than one million people receive allergy tests each year, and this number is steadily increasing.

To respond to this growing market, ProteomeTech developed the 'Protia Allergy Q-128M,' a multiplex allergy diagnostic kit. This product can diagnose 118 types of allergies in a single test, one of the highest numbers worldwide.

In the past, allergy tests were conducted by applying substances directly to the skin and observing reactions. This method carried risks such as shock, so only doctors could perform the diagnosis. Recently, however, the trend has shifted to diagnosing allergies more conveniently by testing for a specific antibody called IgE. Swedish and German companies opened the market by developing products that test 20-30 allergens at once. ProteomeTech, based on its proprietary patented technology, developed a 'parallel membrane' product capable of diagnosing 118 allergens simultaneously.

CEO Lim stated, "ProteomeTech's product can diagnose multiple allergies at once, offering the lowest diagnosis cost per single allergy worldwide while maintaining higher accuracy compared to competing German products. Additionally, because it requires less blood sampling, patients prefer it over existing German products."

As a result, ProteomeTech increased its domestic market share to 40% within five years of product launch. Alongside existing products, the company continues to target the market by developing the world's first antibiotic susceptibility rapid diagnostic kit 'Protia AST DL001,' which applies patented capacitive measurement technology, and the autoimmune disease multiplex diagnostic kit 'Protia ANA Profile.'

Notably, ProteomeTech's overseas market is growing 2 to 3 times annually. This year, in addition to existing export countries, ProteomeTech signed partnerships with local companies in five countries: Saudi Arabia, the Czech Republic, Venezuela, Ecuador, and Bulgaria. This demonstrates the competitiveness of ProteomeTech's products in the global market.

CEO Lim said, "From the early stages of product development, ProteomeTech participated in global medical device exhibitions such as the American AACC, German Medica, and Dubai Medlab to promote exports, and currently exports to over 50 countries. The export ratio of total sales increased from 20% in 2021 to 42% last year, and this year we aim for over 60%." He added, "In Saudi Arabia, the government is pursuing large-scale tenders, so if exports are confirmed, it will secure a favorable foothold for entry into the Middle Eastern market."

Furthermore, ProteomeTech plans to target the pet market with allergy diagnostic kits for companion animals. The company entered the U.S. market in June last year. Until now, only skin test products were available, but ProteomeTech is the only company in Korea to develop and receive approval for a blood-based allergy diagnostic kit for pets.

Meanwhile, ProteomeTech is proceeding with a technology special listing. Previously, the company received 'A' and 'BBB' grades from technology evaluation agencies. For this listing, 2 million new shares will be offered. The expected offering price is between 7,500 and 9,000 KRW. Institutional investor demand forecasting will be conducted on May 3-4, and general subscription will take place on May 10-11. The lead underwriter is Kiwoom Securities.

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