Noul, a specialized company in AI-based blood and cancer diagnostics, is expanding its sales in the global market and aiming for substantial growth. The short-term goal is to achieve profitability within three years by expanding the sales channels of its flagship product, the AI-based blood and cancer diagnostic device 'miLab,' into Europe, the Middle East, and other regions.
Im Chan-young, CEO of Noul, noted during a meeting held at the Conrad Hotel in Yeouido, Seoul, on the 12th, "We have focused on technology development and market preparation for the past 10 years, and now we aim to boost performance through global sales expansion and successful technology transfer contracts with global corporations."
Founded in 2015, Noul entered the KOSDAQ market in March 2022 under the technology exception listing system after its technology was recognized. Since its establishment, Noul has focused on developing core technology for its blood-based cancer diagnostic product, miLab, and expanding into the global market. As a result, the scale of losses has also increased. Last year, the operating loss was 22.8 billion won, up 41.2% from the previous year. Revenue fell to 1.6 billion won, down 41.4% year-on-year.
The company stated, "We aim to achieve profitability through miLab sales within the next three years," presenting a target of selling over 2,000 miLabs.
The solid staining (NGSI) technology applied in miLab is the first solution that examines cells in blood using a small staining reagent (cartridge), unlike conventional liquid staining methods.
The cartridges feature three product lines: blood analysis (BCM), malaria diagnosis (MAL), and cervical cancer diagnosis (CER). They allow for uniform staining of cancer cells and tissues regardless of the user's skill level, and they are six times faster than existing staining methods while using 88% less antibodies, making them economical.
The miLab BCM and MAL equipment and cartridges have been approved for market entry in Europe, ASEAN, and the Middle East. Currently, the U.S. Food and Drug Administration (FDA) approval process is also underway. Earlier in January, it completed the registration of the first-class medical device required for the approval process. The World Health Organization-Global Fund to Fight AIDS, Tuberculosis and Malaria (WHO-UNITAID) has recommended the use of miLab.
The company plans to expand the market for MAL cartridges beyond Africa to major countries such as the U.S. and Europe, where malaria cases are on the rise. CEO Im noted, "Over 200 million malaria cases occur worldwide each year, and the range of countries affected has expanded due to recent climate change," adding, "We will broaden the malaria diagnostic market to increase sales."
The company also set a goal to sign two contracts with global pharmaceutical companies within the next three years. CEO Im said, "We are currently collaborating with nine global companies for joint development or global sales, and some of them have already entered the contract negotiation stage."
Noul was selected as one of the top 10 representative projects this year in the multi-ministry gastrointestinal medical device research and development project for its next-generation cancer diagnostic technology, 'minimally invasive AI-based cancer diagnostic system,' developed in collaboration with Seoul Asan Medical Center, Yonsei University Health System, and Massachusetts General Hospital (MGH).