In today’s briefing:
- HK Inno.N (195940 KS): 2Q23 Result Shows Strong Sequential Improvement; K-CAB Continues to Fly High
- Mirxes Lands US$50M to Take Its Cancer Early Detection Solutions to New Markets
- OSE Immunotherapeutics – Grant to weave RNA into R&D platform
HK Inno.N (195940 KS): 2Q23 Result Shows Strong Sequential Improvement; K-CAB Continues to Fly High
- HK inno.N (195940 KS) recorded impressive sequential improvement in 2Q23 result, while YoY comparison is negatively impacted by high base due to one-off cervical cancer vaccine revenue recorded in 2Q22.
- In 2Q23, revenue increased 11% QoQ to KRW204B and operating profit grew 172% QoQ to KRW15B. Growth was mainly driven by a 19% QoQ growth in K-CAB domestic revenue.
- HK inno targets KRW1T K-CAB revenue by entering 100 countries globally by 2028. The company is adding new growth engines such as IV fluids products, MSD vaccine, and biosimilars.
Mirxes Lands US$50M to Take Its Cancer Early Detection Solutions to New Markets
- Singapore-headquartered RNA technology company, Mirxes Holding, has completed its Series D funding round, securing US$50 million.
- The round is anchored by existing and new investors, including Beijing Fupu, EDBI, Mitsui & Co., NHH Venture Fund, and the Agency for Science, Technology and Research.
- Mirxes Holding will use the capital to scale the adoption and penetration of its stomach cancer blood test, GASTROClear, in major Asia-Pacific markets, including Southeast Asia, China, and Japan.
OSE Immunotherapeutics – Grant to weave RNA into R&D platform
OSE Immunotherapeutics (OSE) has announced that it has received grant innovation funding of €200,000 from the French government and Region Pays de la Loire. While the national backing and funding (especially in a tough macroeconomic environment) are positive developments, we view RNA therapeutics as an additional and complementary technology, albeit early-stage preclinical, to expand OSE’s R&D engine platform. The RNA field has garnered significant attention and commercial success with the mass distribution during the COVID-19 pandemic and serve as a new opportunity for OSE.