[Click eStock] "IMBDX, Korea's Cancer Diagnostic Company Chosen by Big Pharma"

On the 24th, SK Securities analyzed that IMBDX is the only liquid biopsy listed company in Korea generating actual prescription sales in medical practice.

Researcher Heo Seon-jae of SK Securities stated, "Currently, the company operates in 23 countries globally, including Korea, Europe, South America, and Southeast Asia," and "overseas, it collaborates with global big pharma and biotech companies such as AstraZeneca, Merck, and TSH Biopharm."

He added, "The reason to pay attention to IMBDX is that investment sentiment in the pharmaceutical and biotech sectors is expected to improve due to expectations of interest rate cuts, and from the second half of this year, various growth momentum is expected to become visible."

Researcher Heo predicted, "Through the ‘CancerFind’ product launched in November last year, the company will begin penetrating the global liquid biopsy-based early cancer diagnosis market, which is worth about 100 trillion KRW." He added, "CancerFind is a multi-cancer early diagnosis platform that can simultaneously test for eight cancer types, including colon, stomach, liver, pancreas, lung, breast, ovary, and prostate, with a single blood test."

Furthermore, "as a 'fast follower' in the liquid biopsy market, the company has secured sufficient reliability in its technology by obtaining clinical results, publications, registration in national cancer conquest projects, and approval from the Korea Disease Control and Prevention Agency," and "as of the first quarter of this year, it has been commercialized in 10 major tertiary hospitals in Korea." He added, "This year, the number of applicable cancer types will expand from 8 to 20," and "the price will be reduced from 1 million KRW to 300,000 KRW through cost structure improvements."

Researcher Heo said, "This year will be the inaugural year for overseas expansion strategies in Europe, Japan, Southeast Asia, and the Middle East," and "leading companies such as Grail and Exact Sciences have been recognized with corporate values exceeding 10 trillion KRW."

He explained, "IMBDX will penetrate the cancer recurrence monitoring and anti-cancer market, which has a large unmet medical need, through the ‘CancerDetect’ platform, the only cancer recurrence detection platform in Korea," and "with a high cancer recurrence rate of about 30%, CancerDetect can effectively complement the limitations of existing imaging tests through customized gene panel testing." Furthermore, he emphasized, "it has improved accuracy by eight times compared to imaging tests," and "although it is still mainly used for research projects, full-scale product commercialization will begin through new medical technology evaluation submissions in the third quarter of this year." The leading company in the cancer recurrence detection market is Natera, listed on the US Nasdaq, with a market capitalization of 17 trillion KRW.

Researcher Heo introduced, "Profiling is IMBDX’s cash cow business segment, with major products including ▲AlphaLiquid100, which can precisely diagnose all types of cancer progression, and ▲AlphaLiquid HRR, a companion diagnostic product for targeted therapies." He added, "a notable growth point is expanding the applicable cancer types of AstraZeneca’s prostate cancer treatment ‘Lynparza,’ an existing client, from 1 to 30," and "global new client acquisition is also expected." The leading company in the profiling market is Guardant Health, with a market capitalization of 5.5 trillion KRW.