[Featured Stock] Syntekabio Soars on $4.5 Billion Contract with US Company

As of 9:30 AM on the 25th, the stock price of Syntekabio on the KOSDAQ market is recorded at 8,020 KRW, up 16.4% from the previous closing price. This appears to be thanks to the stepwise contract worth a total of 4.5 billion KRW signed the day before.

On the previous day, Syntekabio announced that it had signed a contract worth approximately 4.5 billion KRW with Pragma Bio, a new drug development company located in San Francisco, California, USA, for AI (artificial intelligence) platform-based new drug development. Based on effective substances derived from gut microbiota independently discovered by Pragma Bio, the optimization process including efficacy improvement and toxicity minimization, as well as the discovery of effective substances, will be conducted over 26 months using Syntekabio's AI-based new drug development platform. This service is composed of a total of five stages. The company will receive the 4.5 billion KRW not all at once but in stages.

Earlier, Syntekabio announced on the 20th that it received an 'appropriate' opinion in its 16th auditor's report. On the 11th of last month, it also signed a contract worth 333 million KRW for effective substance verification services with Chimera Therapeutics in the USA.

Syntekabio, which was listed through a technology special listing in 2019, must meet requirements such as 3 billion KRW in sales this year to avoid delisting. Syntekabio's sales last year were 12 million KRW, with an operating loss of 12.9 billion KRW.