[Asia Economy Reporter Hyunseok Yoo] GemVax announced on the 13th that it achieved cumulative sales of 49.2 billion KRW in the third quarter based on separate financial statements. This represents an approximately 78% increase compared to the same period last year, and operating profit recorded 5.4 billion KRW, turning profitable compared to the same period last year. Due to the operating performance on a separate basis, the cumulative operating profit on a consolidated basis for the third quarter also succeeded in turning profitable at 3 billion KRW.
This strong performance was driven by GemVax's manufacturing business division. This is because the demand for semiconductor filters produced by GemVax increased due to the recovery of the semiconductor industry and increased investment in upstream industries that have continued since the beginning of this year.
A GemVax official stated, “This is the result of quickly responding to the increase in market demand after completing facility investments such as capacity expansion and equipment advancement in the first half of the year,” adding, “This trend is expected to continue in the fourth quarter, making it possible to achieve the highest sales and significant operating profit this year.”
GemVax is a company that manufactures semiconductor filters and develops peptide-based new drug substances. It currently holds pipelines including treatments for Alzheimer's disease and benign prostatic hyperplasia using new drug substances.
The company said, “For the domestic Phase 3 clinical trial of the benign prostatic hyperplasia treatment, 276 out of a total of 417 participants have been recruited,” and added, “Preparations for the domestic Phase 3 clinical trial of the Alzheimer's disease treatment are also progressing smoothly.” It emphasized, “In addition to the already approved clinical trials in the United States, global clinical trials for indication expansion will be conducted in the US and Europe.”
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