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◇Antrogen Hits Daily Limit Down After Japan "25 Patients" Figure
According to KG Zeroin MP Doctor, formerly MarketPoint, Antrogen shares fell by the daily limit despite the official reimbursement price being set in Japan for its regenerative medicine product AlloStem Sheet.
The decline came after investors focused on a document released by Japan's Central Social Insurance Medical Council showing an estimated patient population of 25, raising concerns that the Japanese market could be significantly smaller than previously expected.
Antrogen, which reached a 52-week high of 64,800 won on March 13 ahead of its Japanese approval, had already been trending lower amid delays in the commercial launch. After the patient estimate became widely known on Tuesday, the stock dropped to a new 52-week low of 15,350 won.
AlloStem Sheet received marketing approval in Japan in April and subsequently completed the reimbursement listing process. The reimbursement price was set at 182,096 yen per sheet and will be officially added to Japan's National Health Insurance reimbursement schedule on July 15.
The company, however, said the market's interpretation of the 25-patient figure was inaccurate.
"The figure of 25 represents an initial health insurance budget estimate submitted during the reimbursement application process. It does not indicate the size of the commercial market," an Antrogen official said.
"For orphan regenerative medicine products, market size depends more on product usage per patient and the possibility of repeat treatment than on the number of patients."
The reimbursement price was set at 182,096 yen, or about 1.69 million won, per sheet. The actual reimbursement amount per patient may vary depending on the number of sheets used during treatment.
The company added that the economic value of AlloStem Sheet should be evaluated based on usage per patient rather than patient count alone. Approximately 20 sheets may be used during a single procedure depending on lesion size, while patients may receive up to 12 repeat treatments annually based on clinical progress.
Under Japan's reimbursement system, annual reimbursement per patient could therefore reach approximately 43.2 million yen, or roughly 400 million won, although actual usage and treatment frequency will vary depending on individual patient conditions and physicians' clinical judgment.
Antrogen also said commercialization remains on schedule.
"The first shipment to Japan is scheduled for July 13, and patients will be able to receive National Health Insurance reimbursement for AlloStem Sheet beginning July 15," the company official said.
◇Hanmi Science Rallies as Control Battle Enters New Phase
Shares of Hanmi Science, the holding company of Hanmi Pharmaceutical Group, closed 6.32% higher at 33,650 won after climbing as high as 38,600 won during intraday trading.
The rally followed renewed expectations of a management control battle.
The latest developments began after Lim Jong-hoon, chief executive of Hanmi Fine Chemical, agreed on June 29 to sell a 2.5% stake in Hanmi Science to the Now IB No. 22 Fund. The transaction has renewed competition between the founding family and Shin Dong-kook, chairman of Hanyang Precision.
Momentum accelerated after Shin disclosed on Monday that he plans to acquire 3.60 million Hanmi Science shares in an off-market transaction valued at about 172.7 billion won. If completed, Shin's stake will increase from 22.88% to 28.15%.
Management control disputes often support share prices because investors anticipate additional stake purchases and a potential control premium.
Market participants are also watching for further share accumulation and a possible proxy battle at next year's annual shareholders' meeting.
Hanmi Pharmaceutical Group had previously expected the dispute to move toward resolution after Lim sold his stake to a friendly party and pledged to continue founder Lim Sung-ki's vision together with his mother and sister. Shin's latest acquisition plan, however, has reignited the battle, making the outcome increasingly uncertain ahead of next year's shareholders' meeting.
◇ABL Bio Slides Despite Growth Roadmap
ABL Bio shares fell 13.21% to close at 81,500 won and continued to weaken in after-hours trading despite unveiling multiple growth initiatives during an investor relations event held in Seoul on Monday.
The company announced plans to begin a U.S. Phase 3 trial of gastric cancer candidate ABL111 in December under the U.S. Food and Drug Administration's Fast Track designation.
It also said it aims to launch biliary tract cancer therapy ABL001 in the United States next year while expanding applications for its Grabody-B blood-brain barrier platform beyond antibodies to include small interfering RNA (siRNA), enzymes and fusion proteins.
Chief Executive Lee Sang-hoon said collaborative research with Eli Lilly is progressing faster than expected and that development of blood-brain barrier programs, including Parkinson's disease candidate ABL301 with Sanofi, remains on track.
Despite the positive updates, the stock declined as investors took profits and concerns emerged over intensifying competition in the blood-brain barrier platform market.
Earlier Tuesday, PharmEdaily published an article analyzing Eli Lilly's acquisition of a blood-brain barrier platform from Sweden's BioArctic in addition to its collaboration with ABL Bio, raising the possibility of future competition among platforms within Lilly's pipeline.
ABL Bio maintains that its IGF1R-based Grabody-B platform offers differentiated advantages over transferrin receptor-based technologies.
According to the company, Grabody-B delivers drugs into the brain more efficiently and enables deeper penetration into brain tissue after crossing the blood-brain barrier.
Some industry observers, however, believe Lilly may compare multiple blood-brain barrier platforms simultaneously before concentrating development resources on whichever technology ultimately proves most competitive.
During Monday's investor relations event, Lee also introduced the company's next-generation Grabody-B strategy.
"Grabody-B has now entered its second generation," Lee said. "We have established the foundation to expand beyond antibody-based applications into multiple modalities, including small interfering RNA, enzymes and fusion proteins."
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