CHA Biotech said on the 13th that its operating loss on a consolidation basis in the third quarter of this year was 8.1 billion won, up 18.1% from the same period a year earlier, based on preliminary figures. Revenue for the same period rose 17.2% year over year to 318.7 billion won.
The company said increased investment in healthcare infrastructure and research and development (R&D) for drug candidates was the main driver of the wider loss. The net loss of 9.2 billion won stemmed from external factors without cash outflows, such as foreign exchange valuation losses and fair value evaluations of securities.
However, revenue increased thanks to growth in the global healthcare network and the effect of consolidating a Singapore subsidiary. Core bio business institutional sectors such as genome analysis, cell and gene therapy (CGT) contract development and manufacturing (CDMO), and immune cell and stem cell storage grew evenly.
CHA Biotech is building a CGT platform integrating research, clinical, and manufacturing, and construction of the cell and gene therapy complex facility (CGB) in the second Pangyo Techno Valley is also in the final stage. CGB will include CGT CDMO, current good manufacturing practice (cGMP) pharmaceutical manufacturing facilities, contract research organization (CRO), a biobank, research equipment, and shared offices for ventures and Start - Up.
Clinical timelines are also expected to accelerate due to the government's easing of stem cell therapy regulations. CHA Biotech, in collaboration with Bundang CHA Hospital, is preparing clinical trials for various cell therapies, including liver cancer, ovarian aging, and tumor-infiltrating lymphocytes (TIL) reactive to cancer.
Based on know-how accumulated from treating more than 10,000 patients at TCC TOKYO in Japan, the company plans to provide safe and systematic regenerative medicine services through the domestic CHA Hospital network.