pharm edaily

[[Yu Jin-hee, Edaily Reporter] SEOUL, South Korea-On April 3, Korean biotechs Adbiotech and NeoImmuneTech stood out amid significant market turmoil stemming from negative developments in the U.S. In contrast, Olipass faced harsh market realities, with shares plunging to less than a tenth of their peak value amid increasing delisting concerns.

Recent stock performance of Adbiotech (Source: KG Zeroin MP Doctor).

Adbiotech Forecasts Double-Digit Revenue Growth, Profitability for 2025

According to data from KG Zeroin‘s MP Doctor, Adbiotech and NeoImmuneTech ranked among the top 30 gainers in the Korean stock market, rising 10.59% (closing at KRW 1,660) and 8.51% (KRW 1,109), respectively. Analysts attribute this rally to investors seeking undervalued, stable stocks amid rising market uncertainty.

Adbiotech, in particular, gained attention following remarks by CEO Jung Hong-geol in a PharmEdaily pay-to-read article (subsequently made public) confidently predicting double-digit revenue growth and a return to profitability this year. CEO Jung emphasized, “We aim to clearly demonstrate tangible results to gain market recognition for our corporate value and leadership capabilities, leveraging new product launches and business diversification.”

Since listing on KOSDAQ in January 2022, Adbiotech, a specialist in veterinary antibody treatments, recorded three consecutive years of losses driven by new investments and facility expansions. However, the company saw revenue recovery in 2024, achieving approximately KRW 11 billion, nearing pre-pandemic levels.

Adbiotech’s optimism stems from strategic investments yielding results despite previous financial challenges. Key growth drivers include commercialization of microbial treatments for food waste processors, development of proprietary nanobody antibody platforms, and advancements in long-acting injectable antibody technologies for pig farming.

The microbial treatment business, expected to significantly contribute from Q2 this year, involves supplying naturally derived microbial products essential for advanced food waste processors. Adbiotech has secured supply agreements with LG Electronics and other medium-sized domestic electronics firms, targeting annual microbial product revenues exceeding KRW 5 billion this year, with potential market maturity revenue projections reaching KRW 40 billion. South Korea‘s domestic food waste processing market surged to approximately KRW 600 billion in 2023, doubling from the previous year.

Moreover, sales growth is anticipated from new veterinary products targeting diseases such as Porcine Reproductive and Respiratory Syndrome (PRRS) and Porcine Epidemic Diarrhea (PED) in China, where current vaccines and treatments remain ineffective.

Adbiotech is also optimistic about licensing its long-acting veterinary antibody therapy technology later this year, marking the potential first global commercialization using nanobody antibodies.

Recent stock performance of OliPass (Source: KG Zeroin MP Doctor).

NeoImmuneTech Advances on Strategic Refocus; Olipass Faces Delisting Threat

NeoImmuneTech’s strategic shift toward accelerated pipeline development also resonated positively with investors. The company’s lead candidate, NT-I7, a lymphocyte-based treatment for Acute Radiation Syndrome (ARS), is progressing swiftly, targeting commercialization in the U.S. by 2026. Despite ARS’s rarity, consistent U.S. government demand, driven by strategic stockpiling protocols, presents a lucrative market.

Due to ethical constraints, ARS therapeutics must demonstrate efficacy through animal studies rather than human trials. NeoImmuneTech completed initial rodent trials last August and recently commenced primate trials, expected to conclude within approximately one year. Upon commercialization, NT-I7 is projected to generate annual revenues around KRW 100 billion, benchmarking competitor Amgen’s established market presence.

In stark contrast, investors have turned sharply negative on Olipass, whose shares plummeted 29.85% to KRW 2,115 amid growing liquidity challenges and delayed capital injections amounting to KRW 15 billion. Olipass, now facing severe cash shortages, had only KRW 3 billion in liquid assets as of last year, insufficient to cover operating expenses.

Compounding Olipass’s issues, the company suffers from weak leadership, intensified by frequent executive turnover since founder Jung Shin stepped down in December following shareholder restructuring.

An industry insider noted, “Olipass, which listed on KOSDAQ in 2019, is rapidly deteriorating amid governance uncertainties and questionable shareholder relationships.”