BTGene Ahead of IPO Signs Exclusive Model Contract with Godusim and Choi Sujong

[Asia Economy Reporter Lee Myunghwan] Biotech company BTGen, which is pursuing an initial public offering (IPO) in 2023, announced on the 19th that it has signed an exclusive model contract with actors Godusim and Choi Sujong along with the launch of a new product.

BTGen explained that this contract was promoted for mutual development between BTGen and the Korea Broadcasting Actors Association through products and advertisements. Accordingly, the modeling fees for the two actors will be donated to the association and used for actor support projects. BTGen aims to expand sales channels for small and medium-sized enterprises, while the association intends to help actors facing economic difficulties due to COVID-19, joining forces for mutual benefit.

Founded in 2002 by CEO Heo Yul, a Ph.D. in Biological Chemical Engineering from KAIST, BTGen holds a core patented enzyme technology that enables the mass production and commercialization of unique saponins, the active ingredients of ginseng and red ginseng. The key ingredient, unique saponin Rg3, is a substance that can help improve immunity and fatigue, manage menopause in men and women, hypertension, cancer prevention, and memory enhancement. BTGen explained that it is gaining attention as a new immunity-enhancing substance through numerous domestic and international papers and clinical verifications.

CEO Heo Yul of BTGen emphasized, "The new product 'The Root Rg3' maximizes the efficacy and absorption of saponins by overcoming differences in human constitution, health, and eating habits," adding, "This model contract and TV commercial production are preliminary steps to promote the company's technological capabilities and product excellence and to realize the globalization of saponin science."

Meanwhile, BTGen, which is pursuing an IPO with the lead underwriter Mirae Asset Securities, achieved sales of about 10 billion KRW by the third quarter of this year. Director Oh Seungjae of BTGen explained, "The expected sales for this year are around 17 billion KRW, an increase of about 38% compared to the previous year, and it is expected to continue growing with an annual average sales growth rate exceeding 50% this year as well."