Seegene, Inc. Raises USD 16.6 Million in Initial Public Offering on KOSDAQ
Published: Sep 13, 2010
ROCKVILLE, MD and SEOUL, KOREA--(Marketwire - September 13, 2010) - Seegene today announced its successful initial public offering on the KOSDAQ (Korea Securities Dealers Automated Quotations). The company sold 636,500 shares for USD 26.16 (WON 30,500) each, raising USD 16.6 million and giving Seegene a market capitalization of USD 167 million. The company plans to invest the fresh capital in expanding its international market presence, with an emphasis on United States and Japan, where it is seeking regulatory approval for its portfolio of multiplex diagnostic PCR tests.
"This is an exciting day for Seegene, and marks a significant step toward our goal of being a leading global player in the molecular diagnostic industry," said Jong-Yoon Chun, Chief Executive Officer of Seegene. "The capital that we raised will support the growing demand for our powerful multiplex diagnostic tests."
Since 2007 Seegene has been growing sales at annualized growth rate of 170 percent. This rapid growth rate continues with sales of USD 9.5 million in the first half of 2010, compared to total 2009 sales of USD 11.2 million.
"Our products are defining a new category molecular diagnostics that are capable of simultaneously detecting multiple pathogens or genetic mutations in a single test. Using Seegene's products, medical professionals are able to improve patient care by making accurate diagnoses faster, and more cost-effectively."
The effectiveness of Seegene's diagnostic testing technology was shown in the 2009 pandemic outbreak of (H1N1). While many molecular diagnostic firms responded to this flu outbreak by introducing individual kits that separately tested for each variant of Influenza A (H1, H3 , H5, and new H1N1), Seegene delivered a multiplex PCR test that simultaneously detected each flu subtype as well as the new H1N1 strain. Furthermore, the Seegene PCR test detected these strains with higher accuracy, specificity and sensitivity.
In July of this year at the AACC Clinical Lab Expo in Los Angeles, CA, Seegene introduced other multiplex molecular diagnostic tests -- Magicplex™ and Anyplex™ -- based on the company's powerful READ™ (Real Amplicon Detection) technology:
Magicplex Sepsis, a multi-pathogen screening test that quickly and accurately identifies over 90 leading sepsis-causing pathogens, and Anyplex MDR-TB, a test that identifies Tuberculosis (TB) and genetic mutations causing TB resistance to the drugs isoniazid and rifampicin.
Chun added, "The market response to our READ technology and our new line of Magicplex and Anyplex tests has been extremely positive. We are in discussions with over 20 companies who are interested in licensing the technology or distributing these products in markets worldwide."
"Later this year Seegene plans to introduce new Magicplex blood-screening and tumor detection tests, as well as a complete automated testing system. As we continue to grow our worldwide market presence, we will seek a NASDAQ listing after approximately three years," he concluded.
Seegene, Inc. is a leading molecular diagnostics company developing, manufacturing and marketing innovative "multiplex" (or "multi-pathogen detection") molecular diagnostic products and services. It holds proprietary technologies of both PCR and Real-time PCR named ACP™, DPO™, and READ™, which sets a standard in high-throughput and simultaneous multi-pathogen detection called "multiplex PCR." The novel multiplex Real-time PCR technology, READ™, overcomes the limitations of conventional Real-time PCR, providing dramatic improvement in sensitivity and specificity. Seegene holds three novel Molecular diagnostic platforms: Seeplex® system adapting DPO™ Technology, Anyplex® and Magicplex® system which are Real-time PCR detection platform adapting DPO™ and READ™ Technology. Seegene's products detect multi-pathogens with great reliability and throughput, ultimately providing the most economical basis for saving time, labor and cost. Seegene's mission is to maintain leadership in molecular diagnostics for infectious diseases, genetics, pharmacogenetics, and oncology using innovative proprietary technologies.
For more information please visit www.seegene.com or call +301-762-9066.
Miyoun Lee, MSc
Base Pair Communications