Focus on Domestic Phase 2 Trials for Injectable Knee Osteoarthritis Treatment in Second Half of This Year
Enhancing Pipeline Competitiveness
[Asia Economy Reporter Hyungsoo Park] Medipost announced on the 9th that it recorded sales of 13 billion KRW in the first quarter of this year, a 6.4% increase compared to the same period last year.
Looking at the first quarter performance by business division, Celltree, the No. 1 domestic cord blood bank, grew 9% year-on-year due to the effects of various untact marketing activities promoting the utilization and value of cord blood. It not only strengthened its market dominance but also led overall company growth.
The stem cell treatment for knee osteoarthritis, 'Cartistem,' recorded sales of over 1,000 vials for two consecutive quarters following the fourth quarter of last year. The health functional food brand Movita also saw a 38.5% increase in sales of women-specialized probiotics and functional products.
In anticipation of increased demand for the stem cell treatment Cartistem and the next-generation injectable knee osteoarthritis treatment (SMUP-IA-01), investment was made to expand GMP production facilities. Operating losses continued due to increased cost of sales and higher ongoing R&D expenses for the next-generation pipeline. An operating loss of 1.47 billion KRW was recorded in the first quarter. Due to an increase in valuation losses of derivatives with no cash outflow, a net loss of 5.86 billion KRW was recorded, resulting in a return to deficit.
A Medipost official explained, “Mothers and elderly patients, who are most vulnerable to COVID-19, are Medipost’s main customers,” and added, “Despite many restrictions on business activities, overall sales increased based on proven quality and trust.”
He continued, "We will focus on advancing the domestic Phase 2 clinical trial of the injectable knee osteoarthritis treatment (SMUP-IA-01) planned for the second half of this year, the pre-IND meeting with the U.S. FDA, as well as the Phase 3 clinical trial of Cartistem in Japan," and added, "We will enhance the competitiveness of our pipeline and strengthen the foundation for sustainable growth.”
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