[Click eStock] "Nextbiomedical Expects Increased Hemostatic Agent Exports in Second Half"

Target Price Raised from 49,000 KRW to 50,000 KRW

Sangsangin Securities has raised the target price for Nextbiomedical from 49,000 KRW to 50,000 KRW, expecting an increase in hemostatic agent exports in the second half of this year. The investment rating was maintained as 'Buy.'

Nextbiomedical focuses on hemostatic agents prescribed for bleeding caused by diseases, using a polymer called 'NexPowder' (dextran + polyamine) to remove polyps in the stomach and colon as its main product. Although it recorded an operating loss of 3.6 billion KRW last year, sales grew by 95.5% year-on-year to 9.5 billion KRW.

Researcher Ha Taegi of Sangsangin Securities stated, "Exports in the first quarter of 2025 are estimated at 3.2 billion KRW, a 52.4% increase compared to the same period last year," adding, "Especially after the International Digestive Disease Congress in May, Medtronic's strengthened marketing for colonoscopy indications is expected to drive high growth in endoscopic hemostatic agent exports to the U.S. from the second half."

Currently, Nextbiomedical's endoscopic hemostatic agent exports are sold in 29 countries including Europe and the U.S. through Medtronic, a U.S. medical device company. Clinical trials are underway aiming for registration as a standard treatment at the U.S. Digestive Disease Congress in 2026. Clinical results from the first quarter of 2026 to the third quarter of 2025 are expected to be announced. In Japan, approval was obtained from PMDA (Pharmaceuticals and Medical Devices Agency) in February, and sales are conducted through the Japanese company CMI, with revenue expected to start from the fourth quarter.

Long-term growth potential is also high for vascular embolization products. Currently, Nextbiomedical holds Nexphere and Nexphere F as vascular embolization-related products. These two products generated sales of 800 million KRW last year. Researcher Ha explained, "Discussions are underway with global medical device distributors for U.S. licensing contracts for Nexphere F," adding, "A licensing contract in Japan is also being pursued within this year."