Somagen Secures Additional Parkinson's Disease Genomic Analysis Project Worth "8.3 Billion KRW"

SomaGen announced on the 20th that it has signed a main contract for one-quarter of the total 80,000 samples of global Parkinson's disease patient genome analysis (WGS) with the Michael J. Fox Foundation in the United States.

The additional order amount SomaGen received amounts to 6 million USD (approximately 8.3 billion KRW), which is about 24% of the previous year's total sales. The whole genome sequencing (WGS) service for this volume will be supplied over one year until 2025.

The contracting party, the Michael J. Fox Foundation, is a U.S.-based nonprofit organization established in 2000 to find treatments for Parkinson's disease. As of 2023, it has raised 2 billion USD (approximately 2.7 trillion KRW) for Parkinson's disease research projects. In 2022, it was the largest funding organization worldwide in the Parkinson's disease research field, providing more funds than the U.S. government.

SomaGen has already participated since 2020 in the GP2 (Global Parkinson’s Genetics Program) project, conducted with the Michael J. Fox Foundation, aiming to research Parkinson's disease and discover treatments by analyzing 150,000 Parkinson's disease patients worldwide. It obtained Parkinson's patient samples from GP2 member companies globally and performed genome sequencing analysis. SomaGen has taken the lead in providing genome analysis services to identify the causes of Parkinson's disease and discover treatments.

Hong Soo, CEO of SomaGen, said, "Through the memorandum of understanding (MOU) signed with the Michael J. Fox Foundation in March this year, SomaGen has secured genome analysis volume for 80,000 Parkinson's disease patients until 2026 under the GP2 project." He added, "Recently, discussions for orders are also underway with other major Parkinson's disease research institutions in the United States."

He emphasized, "SomaGen aims to provide genome analysis and some clinical reports for 100,000 Parkinson's disease patients worldwide within the next three years. Through this, we aim to become the world's number one company in the field of Parkinson's disease genome analysis." He continued, "We will also strive to become one of the top 10 global genome analysis companies that are immediately mentioned when talking about genome analysis companies in various disease and disorder fields."