[Featured Stock] Genolution Gains on Supply Record to Sinopharm Amid COVID-19 Vaccine Clinical Progress

[Asia Economy Reporter Minwoo Lee] Genolution's stock price is on the rise. It appears that the past supply history of extraction reagents has been highlighted following the news that Chinese pharmaceutical company Sinopharm is conducting Phase 4 clinical trials for the novel coronavirus infection (COVID-19).

As of 10:35 AM on the 31st, Genolution's stock price recorded 33,750 KRW, up 9.05% from the previous day. The news of Sinopharm's COVID-19 vaccine development seems to have acted as a positive factor due to the past supply record to Sinopharm affiliates.

According to recent major foreign media, Sinopharm has agreed with the government of Paran? state in southern Brazil to initiate Phase 4 clinical trials of the COVID-19 vaccine. Approval is expected from Brazil's National Health Surveillance Agency (ANVISA) within two weeks. Sinopharm is jointly developing the COVID-19 vaccine with Wuhan Institute of Biological Products and Beijing Institute of Biological Products.

Meanwhile, last year Genolution signed a contract to supply approximately 1.5 billion KRW worth of products, including nucleic acid extraction equipment NX-48 and reagents, to Shanghai Genodiex Biotech (hereafter Genodiex) in China. Genodiex is an affiliate of Sinopharm. The NX-48 is currently used for extracting COVID-19 virus RNA. On the 9th, at an IPO press conference held in Yeouido, Seoul, Genolution CEO Kiok Kim emphasized, "Unlike competitors' equipment that processes 96 samples per hour, Genolution's product can process 48 samples in 15 minutes," adding, "Out of 1.5 million domestic COVID-19 tests, more than half, about 750,000 tests, used our product to extract RNA."