KOSME Growth-Sharing Loan Spurs Breakthrough
Targeting 35 Billion KRW in Sales This Year
Accelerating Growth Toward Global Market Expansion
"We will deliver healthy youthfulness to all of humanity." This has been the vision of Lee Sunghee, CEO of Genetox, since the company's founding. This statement encapsulates the company's ambition to take on the global market by developing biopharmaceuticals in Hoengseong, Gangwon Province. Since its establishment in June 2018, Genetox has been on a steep growth trajectory, with its vision becoming more concrete as the company recorded a 1,700% year-over-year increase in sales within just six years.
On May 28, Genetox announced that it aims to achieve 35 billion KRW in sales this year. Considering that the company posted 22.6 billion KRW in sales last year, this represents an expected increase of about 55%. Genetox reported sales of approximately 600 million KRW in 2022, but this figure made a 'quantum leap' to 10.2 billion KRW the following year, and the company has continued to maintain this high-growth trend.
The dramatic growth of Genetox can be attributed to the achievements it made in 2022. The company's flagship product is 'Botawonju.' Its main ingredient is a highly purified protein complex isolated and refined from Clostridium botulinum strains. This is a biological agent for cosmetic use that alleviates glabellar lines by inhibiting acetylcholine secretion. Since its founding, Genetox has consistently advanced its purification and final formulation processes through ongoing research and development (R&D). In 2022, the company received Good Manufacturing Practice (GMP) certification for botulinum toxin production from the Ministry of Food and Drug Safety. That same year, Genetox obtained export product approval for the cosmetic use of Botawonju and established a U.S. subsidiary, accelerating its entry into the North American market.
Since 2022, Genetox's business has been expanding at a rapid pace. The company has broadened its distribution agreements not only in North America but also in major countries such as Brazil and those in the Middle East. As a result, Genetox was awarded the $2 Million Export Tower in 2023 and the $10 Million Export Tower in 2024. With the global botulinum toxin market expected to grow from approximately $11.1 billion in 2023 to $21.1 billion by 2030, Genetox's export performance is projected to increase even further.
The decisive factor behind Genetox's leap forward was the support from the Korea SMEs and Startups Agency (KOSME). In 2020, when Genetox needed R&D funding for product development and commercialization, KOSME recognized the company's technological prowess and potential and provided a 500 million KRW growth-sharing loan. The KOSME growth-sharing loan is a policy fund supplied to high-growth-potential companies in the form of redeemable convertible preferred shares, convertible preferred shares, or convertible bonds. With this financial support, Genetox completed non-clinical studies in 2021 and was able to proceed with clinical trials and product commercialization. CEO Lee stated, "KOSME's support became the real driving force behind Genetox's growth."
Going forward, Genetox plans to focus on securing global market access through a dual-track strategy for both cosmetic and therapeutic applications of Botawonju. The company is expanding distribution agreements in North America, South America, and the Middle East, while also participating in global medical and beauty expos and pursuing strategic partnerships with major hospitals and pharmaceutical companies. Domestically, Genetox aims to complete Phase 3 clinical trial (IND) approval and product registration this year to officially enter the market. CEO Lee said, "We will continue to promote the excellence of 'Made in Korea' botulinum toxin worldwide and evolve into a global bio-innovation company that encompasses both therapeutic and cosmetic applications."
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