Syntekabio Achieves Five Times Last Year’s Total Sales in Q1 Alone: "Full-Fledged Performance Turnaround"

Syntekabio announced on May 13 that it recorded consolidated sales of 860 million KRW in the first quarter of this year. This figure represents an increase of more than five times compared to the company’s total sales for the previous year.

The company explained that these results signal Syntekabio’s entry into a phase of generating substantial revenue.

In particular, this year marks the end of the grace period for being designated as an administrative issue, and since there was pressure to achieve annual sales of at least 3 billion KRW to avoid such designation, the announcement of these results is seen as having alleviated much of the market’s concerns.

Syntekabio has also continued to establish joint research agreements and memorandums of understanding (MOUs) with domestic and international pharmaceutical companies and biotech firms, earning recognition for its technological competitiveness.

The company’s technology portfolio, built around its AI-based drug discovery platform, is cited as a unique strength that differentiates Syntekabio from other biotech firms. The company is engaged in the development of targeted protein degradation (TPD) inhibitors with a Boston-based biotech, inflammatory bowel disease (IBD) inhibitors with Progenma Bio, optimization of a pan-coronavirus therapeutic capable of treating both SARS and MERS with Protico, and anticancer drug development with major domestic pharmaceutical companies.

Syntekabio is also collaborating with QIMRB, a leading Australian medical research institute, on the joint development of a treatment for pulmonary fibrosis, and with Memorial Sloan Kettering Cancer Center (MSKCC), the largest cancer hospital in the United States, on the joint development of anticancer drugs targeting multiple proprietary targets.

A company representative stated, "Our first-quarter results demonstrate that our AI-based technology is translating into meaningful achievements in the market," adding, "We will continue to secure a stable revenue base through significant contracts and research outcomes, and do our utmost to enter a full-fledged growth trajectory."