[Public Notice+] Medipron, H1 Sales 16.5 Billion KRW... Up 88.1% YoY

[Asia Economy Reporter Hyunseok Yoo] Mediphron Divity, a new drug development bio company, announced on the 13th that it recorded sales of 16.5 billion KRW and an operating loss of 720 million KRW in the first half of the year. Sales increased by 88.1% compared to the same period last year. This approaches the annual sales of 17.4 billion KRW in 2019.

A company official stated, "With the spread of untact (non-face-to-face) culture and the increase in online IT demand, we focused our sales efforts on major sales channels such as Coupang and 11st, resulting in a significant increase in sales." He added, "Accordingly, despite a temporary increase in expenses including the integrated relocation of headquarters and central research institute to successfully conduct Phase 1 clinical trials of non-narcotic analgesics by securing excellent personnel and establishing the latest research facilities, operating losses decreased compared to the previous year." He continued, "In the second half, we will accelerate fundamental improvements through external growth and strengthening internal management."

Meanwhile, under the full support of Brain Contents, which became the largest shareholder earlier this year, Mediphron received IND approval for Phase 1 clinical trials of non-narcotic analgesics from the Ministry of Food and Drug Safety in June, and in July obtained product approval for an early dementia diagnosis kit through joint development with Quantamatrix. Additionally, in April and May, it succeeded in consecutive third-party allotment capital increases targeting the largest shareholder and related parties, holding more than 26 billion KRW in cash assets.

Mediphron plans to select a CRO and sign a clinical trial contract with Seoul St. Mary's Hospital to rapidly proceed with Phase 1 clinical trials of the non-narcotic analgesic and start clinical trials in the second half of the year. The early dementia diagnosis kit will apply for a new medical technology evaluation for inclusion in health insurance reimbursement. If recognized as a new medical technology, it will be the first of its kind in related product categories in Korea.