[IPO Chat] MBD “Expands customized anticancer drug testing for patients… Targeting the global market”

“With listing on KOSDAQ, we will expand overseas supply of 3D cell culture automation equipment and strengthen our new drug evaluation and anticancer drug testing business.”

Ku Bo-seong, CEO of MBD, which is preparing to be listed on the KOSDAQ, made this announcement at the IPO corporate information session held in Yeouido, Seoul on the 9th, and proposed a plan to foster a testing service that predicts the effectiveness of anticancer drugs for each patient as a new growth engine.

Established in 2015, MBD is a bio company that develops automated equipment and related services that cultivate and analyze cells in an environment similar to the actual human body.

The company's core technology is to grow cells in a three-dimensional environment similar to the actual human body, administer drugs to them, and analyze the reaction.

Cell culture and analysis processes, which previously had to be performed directly by researchers, can now be handled through automated equipment 'ASFA'.

MBD is using this cell culture technology to expand its business from supporting pharmaceutical companies' new drug development to providing testing services to find anticancer drugs suitable for patients.

The flagship service, 'OncoSensi', is a test that cultivates cancer cells collected from patients and then administers various anticancer drugs to determine which drug responds better.

The explanation is that this provides information for medical staff to use as a reference when deciding on treatment for each patient.

Starting with lung cancer in 2024, the test target was expanded to ovarian cancer, stomach cancer, and colon cancer, and the service is currently provided at 45 domestic medical institutions, including 28 tertiary general hospitals.

Onco Sensi's sales increased from 17 million won in 2024 to 59 million won last year, and recorded 124 million won in the first half of this year, surpassing last year's annual sales in half a year.

The proportion of total sales also increased from 3.85% last year to 13.94% in the first half of this year.

MBD plans to increase the cancer types covered by its testing service while also expanding its sales base in overseas markets.

In the U.S., we have started testing services through local partner Kiyatec and are collecting initial royalties, and in Japan, we plan to expand the supply of cell culture equipment through local distributors.

MBD's sales last year were 1.52 billion won, an increase from the previous year, but its operating loss was 5.63 billion won.

The deficit continued in the first half of this year, with sales of 890 million won and an operating loss of 4.16 billion won.

MBD plans to use the funds secured through this public offering to research and develop anti-cancer drugs, expand facilities, and expand overseas.

MBD is offering all 2 million shares as new shares through this IPO. The desired public offering price is 9,600 to 11,700 won, and the expected public offering amount is 19.2 billion to 23.4 billion won.

Demand forecasting for institutional investors was conducted until the 6th, and subscription for general investors will be held on the 12th to 13th. The lead underwriter is Hana Securities.