[Special Stock] Bioneer, Hair Loss Treatment 'Game Changer'... Multi-Trillion Won Blockbuster Launch Imminent

Bioneer’s stock price is rebounding. Expectations ahead of the launch of the functional cosmetic product for alleviating hair loss symptoms, ‘Cosmerna,’ appear to be influencing the stock price.

As of 10:44 a.m. on the 26th, Bioneer was trading at 50,900 KRW, up 9.7% from the previous day.

On the same day, a media outlet reported that Han-oh Park, chairman of Bioneer, stated, "We will introduce Cosmerna for the first time next month," adding, "Our goal is to secure more than 100 million users within five years."

Cosmerna is the world’s first functional cosmetic product for alleviating hair loss symptoms developed by Bioneer using ‘short interfering ribonucleic acid’ (siRNA) gene technology. It is differentiated by the proprietary platform technology SAMiRNA. It has the efficacy to degrade messenger RNA (mRNA) that carries genetic information producing proteins related to hair loss. It is known to show excellent effects on androgenetic alopecia, which accounts for a significant portion of hair loss.

Hana Kang, a researcher at Ebest Investment & Securities, explained, "Cosmerna, regarded as a core growth driver, unlike the existing oral hair loss treatment ‘Propecia,’ does not directly affect male hormones (DHT)," adding, "It works by attaching to androgen receptors in the next step to inhibit their production."

She continued, "Cosmerna has completed registration on Amazon UK and Germany and is currently undergoing export customs clearance processes," and added, "Even if Amazon shipments are delayed, the initial batch is expected to be shipped by early next month."

Furthermore, she analyzed, "Our official online store has also completed confirmation, enabling direct purchase from Europe," and noted, "Reflecting the high growth and large unmet demand in the hair loss market, we have developed a large-capacity oligonucleotide synthesizer and laid the foundation for commercialization." She also forecasted, "In Korea, coordination with the Ministry of Food and Drug Safety is underway, and approval is expected within this year upon submission of European data and sales references."

The quality and safety of Cosmerna were first recognized overseas. In July last year, it received the highest safety rating, ‘Excellent 5-STAR,’ from Dermatest in Germany. Dermatest is a globally accredited certification body that evaluates the safety and efficacy of products used on the skin. In December last year, Cosmerna was registered with the European Cosmetics Notification Portal (CPNP), and in January this year, with the UK Cosmetics Notification Portal (SCPN).

Bioneer conducted human application tests on 60 subjects for the domestic functional cosmetic registration process of Cosmerna. Compared to past clinical results of the existing oral hair loss treatment Propecia, it confirmed advantages in ease of use and side effects. Efficacy was recorded at a similar level. In January this year, Bioneer received an efficacy evaluation report from Dermatest, and related research results are expected to be published in an international academic journal by the end of this year or early next year.

Hakjun Kim, a researcher at Kiwoom Securities, stated, "It is understood that the effectiveness of once every two weeks usage was proven," adding, "If commercialization proceeds with the two-week once method proven effective by Dermatest, rather than the once-a-week method used in existing domestic studies, the unit price per product is expected to increase compared to before."

He emphasized, "Assuming expansion up to about 10 times the current factory site is possible, there is capacity to secure production capability worth up to 1.8 trillion KRW," and added, "Since expansion takes about two months, flexible scaling is possible in response to increased demand."

Researcher Kim analyzed, "Last year, through the development of an in-house large-capacity synthesizer, the cost required for facility investment was drastically reduced to about 10‰ level," and noted, "Through commercialization of the SAMiRNA platform production protocol, it is easy to reduce production costs and secure high margins." He predicted that profit margins will rapidly increase as Cosmerna sales grow.

According to Bioneer, based on current raw material production, about 800,000 units of Cosmerna can be produced annually. Converted to sales, this amounts to 80 billion to 160 billion KRW, considering a unit price of 100,000 to 200,000 KRW. Bioneer plans to expand production facilities to realize economies of scale and reduce costs once sales fully commence. If 100 million users are secured within five years, sales could exceed several trillion KRW.

Chairman Park said, "Cosmerna, which has secured quality and safety, will be a game changer in the functional cosmetic market for alleviating hair loss symptoms," and stated, "Along with sales in Europe, the launch of Cosmerna in other markets will proceed sequentially."

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