Unsolved Hair Loss Seeking a Breakthrough?...FromBio and Hyundai Pharm Surge [K-Bio Pulse]

[Yu Jin-hee, Edaily Reporter] On the 16th, the South Korean biotechnology sector—including pharmaceuticals and medical devices—led the domestic stock market. Aggressive buying was centered on companies targeting "hair loss treatment," a representative field of high unmet medical demand.

Among the notable performers on the KOSDAQ, FromBio, which is nearing clinical trials for a stem cell-based hair loss treatment, and Hyundai Pharm, which is expected to secure exclusive domestic rights for a global hair loss drug, are being evaluated as having significant potential for further gains depending on clinical progress. In contrast, experts advise a cautious approach toward Adbiotech and CeluMed, where volatility has spiked due to a mix of positive and negative factors, leading to their designation as stocks under investment warning or caution.

Recent stock price trend of FromBio. (Source: KG Zeroin MP Doctor)

◇FromBio and Hyundai Pharm Strong Clinical Momentum



FromBio became the center of market attention after hitting the daily upper limit (29.97%) to close at 1,544 won. The surge was fueled by news that the company successfully completed pre-clinical toxicity testing for its adipose-derived stem cell (ADSC) hair loss treatment candidate, clearing a major hurdle for clinical entry next year.

The FromBio Bio Research Institute plans to use the safety data obtained from these tests as core documentation for its upcoming Investigational New Drug (IND) application. In particular, the development of "FB-2," a proprietary serum-free culture medium that excludes animal-derived components, was highly rated by the market for simultaneously improving manufacturing efficiency and safety. The company aims to submit its IND by the first quarter of next year.

Sim Tae-jin, CEO of FromBio, emphasized, “The completion of repeated-dose toxicity tests and the development of our serum-free culture medium are critical pre-clinical milestones for clinical development and commercialization. Based on our proven technology, we will concentrate our R&D capabilities to strengthen our competitiveness in the global hair loss treatment market.”

Hyundai Pharm also saw a substantial rise of 24.91%, closing at 13,190 won. This movement is attributed to the impressive clinical results of "Clascoterone 5% Solution," a male-pattern hair loss drug developed by its global partner, Cosmo Pharmaceuticals. In Phase 3 trials, the drug demonstrated overwhelming efficacy, with hair counts increasing by up to 539% compared to the placebo group.

Hyundai Pharm already holds the exclusive domestic rights for "Winlevi," an acne treatment with the same clascoterone ingredient, and has obtained approval from the Ministry of Food and Drug Safety. Industry observers believe it is highly likely that the success of Winlevi will lead to securing the exclusive domestic license for the hair loss treatment. The significance of a new mechanism for hair loss treatment appearing for the first time in 30 years is driving a revaluation of Hyundai Pharm's corporate value.

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

◇Adbiotech and CeluMed "Rollercoaster" Volatility Warning



Meanwhile, Adbiotech and CeluMed exhibited "rollercoaster" price movements despite their gains, requiring investor vigilance. Adbiotech, a specialist in immune antibodies, hit the upper limit (29.95%) at 2,430 won following the announcement of research results for an avian influenza antibody treatment.

The company confirmed the oral efficacy of "Anti-H9 ScFv," a preventive and therapeutic agent for low-pathogenic H9N2 avian influenza. This substance is a single-chain variable fragment (scFv) designed to induce an immediate immune response in the early stages of infection by directly administering formed antibodies.

In efficacy evaluations on laying hens, antibody levels in the blood began to rise in the second week of oral administration through feed, reaching levels 30~40% higher than pre administration by the fourth week.

However, Adbiotech remains in a state of extreme volatility, having been designated as a stock for investment caution due to a high concentration of trading in a small number of accounts.

Similarly, CeluMed, a manufacturer of basic medicinal substances, jumped 22.67% to 1,818 won on expectations of resolving financial risks through a third-party allocation capital increase. Nevertheless, the company faces complex internal variables, including the withdrawal of an acquisition bid by L&C Bio, changes in investors, and repeated shifts in its investment warning and caution status.

CeluMed’s financial health remains a concern; as of the latest settlement, it reported total assets of 70.2 billion won against total liabilities of 61.2 billion won, leaving total equity at just 9.1 billion won. The company has recorded operating losses of over 30 billion won for two consecutive years (2023 and 2024), flashing a red light on its financial stability.

Hong Soon jae CEO of BioBook noted “The recent surges in CeluMed and Adbiotech are results of technical breakthroughs and financial events, but the price volatility is immense and market warnings have been issued. Investors must carefully examine whether actual business performance can support these price increases.”