CTCBio Terminates Diagnostic Kit Supply Contract Worth 13.2 Billion KRW

[Asia Economy Reporter Oh Ju-yeon] CTCC Bio announced on the 29th that it has terminated the COVID-19 diagnostic kit supply contract worth 13.2 billion KRW with JDJ GROUP S.A. This amount corresponds to 9.7% of the company's sales.

The company stated, "The above contract involved two requests for contract extensions from the counterparty due to permit delays," and added, "As the contract termination date approached, we confirmed with the counterparty whether they would fulfill the contract. They requested to cancel the order due to a restructuring of the local COVID-19 diagnostic market focusing on antigen rapid diagnostic kits, resulting in decreased demand and sales difficulties for antibody rapid diagnostic kits."