Co., Ltd., an in vitro immunodiagnostic medical device company, completed
attracting large-scale investment by being recognized for the technological
prowess and future growth potential of its quantitative immunodiagnostic
products despite the harsh investment environment in the bio-healthcare field
On the 21st, Absology Co., Ltd. (CEO Han-sang Cho) announced that it had completed a Series B bridge round worth 10 billion won. In this round, new investment companies such as existing investment companies Korea Development Bank and Crossroad Partners, existing shareholder Intech Plus Co., Ltd., Forest Ventures and Forest Partners, and one domestic venture capital firm participated.
An official from the venture capital (VC) industry said, “Absology’s success in attracting large-scale investments is thanks to its cutting-edge products based on solid technology.” He added, “Considering that there are no strong competitors yet, Absology's export performance is expected to improve from next year. “I expect it to grow significantly as if it has wings,” he said.
Absology has recently signed new supply contracts with Argentina and Saudi Arabia, and has secured export contracts worth over 300 billion won for the next five years with around 30 countries, including Thailand, Italy, and Spain. It has been reported that Absology is continuing to hold export consultations with over 100 countries worldwide.
Absology, a South Korean biotech healthcare company, has been developing and producing diagnostic kits for over 10 years. The company has a team of experienced professionals with expertise in technology, intellectual property, and licensing. In 2017, Absology was established and secured intellectual property rights from KIST and Sungkyung University early on. Based on this, the company developed proprietary technology, secured more than 20 patents, and entered the market.
Absology, which began business quickly, developed a product in a short period and successfully entered the highly competitive diagnostic medical device market. This innovation and technological capabilities have been recognized by major venture capital investments in 2018, 2019, and 2021, totaling 28 billion won.
◇ 'Absol' is predicted
to be a sensation in developed countries, beating out expensive large-sized
Absology's representative product is the in vitro diagnostic platform 'Absol (ABSOL)', which enables various hormone tests such as prostate cancer, thyroid cancer diagnosis and recurrence monitoring, vitamin D, and on-site diagnostics for emergency conditions such as myocardial infarction and sepsis using the point-of-care testing (POCT) method.
Absol has created a sensation in developed countries' diagnostic markets dominated by expensive, large-scale equipment by diagnosing diseases with equal performance through a simple blood test for diseases that could only be accurately 'quantitatively' tested using large, expensive equipment.
In developed countries overseas where large-scale equipment dominates the diagnostic testing market, existing 'rapid kit' products did not dare to enter the market. However, the Absol platform is receiving favorable reviews for its unparalleled technology and performance that is comparable to that of expensive large-scale medical equipment that is 100 times more expensive. Accordingly, love calls are flooding in from developed countries as well as the Middle East, Southeast Asia, and Southwest Asia, which have relatively weak medical infrastructure.
In this way, 'Absol' has received favorable reviews in the global market just three years after its launch and has entered a full-fledged performance stage. Absology also launched 'ABSOL VET', a diagnostic test equipment for companion animals, in line with the recent trend of changing awareness of companion animals at home and abroad. Absolvet is a quantitative blood immunodiagnostic test equipment for more than 10 different chronic diseases in companion animals.
"In Korea, Absol has signed an exclusive sales contract with ISense Co., Ltd., and successfully completed clinical evaluations with two global animal diagnostic companies in the first half of this year for overseas expansion. An Absol spokesperson said, "There is no other alternative quantitative on-site diagnostic test equipment in terms of cost, performance, and quality. Considering the strong sales and marketing capabilities of giant companies, we expect explosive global demand in the future."
◇ Absol 3 products, 2025 IPO target
Last year, the High-sensitive in vitro diagnostic platform 'Absol HS', which is considered Absology's masterpiece, received priority approval for heart disease-related diagnostic tests from the Ministry of Food and Drug Safety. Absol HS is a diagnostic test equipment that enables testing of various biomarkers, such as Alzheimer's dementia monitoring, early diagnosis of myocardial infarction,
Absol HS can diagnose diseases that were previously possible with only large imaging equipment such as expensive PET through a simple blood test, so its potential is expected to grow in the future.
Absology CEO Cho Han-sang said, “The advantages of 'Absol' and 'Absol HS' include the fact that the results can be confirmed within 5 minutes for a quantitative immune test or within 30 minutes for an ultra-sensitive immune test at a medical site, and the inconvenience to patients can be minimized by being able to prescribe immediately. “
convenience and expansion possibilities of the 'Absol HS' platform are truly
endless,” he said. “Based on this investment, we will conduct various clinical
evaluations of Absol and Absol VET products for field diagnosis and the
ultra-high sensitivity platform Absol HS, as well as advance into many
countries, including developed countries around the world. “We will actively
carry out sales and marketing activities to achieve this.”
Meanwhile, Absology is currently carrying out practical procedures for a technology special listing on the KOSDAQ market with NH Investment & Securities, the listing manager, with the goal of an IPO in 2025.
By: Edaily Reporter Lee Soon-yong