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    A096530   KR7096530001

SEEGENE, INC.

(A096530)
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Seegene : to supply COVID-19 diagnostic tests worth 16 mil. GBP to Scotland, triple the sales volume seen last year

04/21/2021 | 09:28pm EDT

▪Second public procurement agreement after Italy's procurement deal worth EUR 89.3 million

SEOUL, South Korea, April 21, 2021 /CNW/ -- Seegene Inc. (KQ 096530), a leading biotechnology firm said it began supplying its COVID-19 diagnostic tests worth 16,209,150 GBP to Scotland under a public procurement agreement, the largest diagnostic volume seen in that region since the pandemic. Compared to Seegene's annual sales tallied in Scotland, the supply contract is worth triple the volume in 2020, which came in at 5,400,000 GBP.

Under the supplying deal, Seegene'sScotland dealership, Mast Group, will be supplying Allplex™ SARS CoV-2 to the National Health Care Scotland NSS, which will then be distributed to 9 hospitals including Royal Infirmary Edinburgh and Ninewell starting in April.

Seegene's COVID-19 diagnostic test, the Allplex™ SARS CoV-2 Assay is a unique multiplex real-time PCR assay that can detect a total of five targets including four coronavirus genes (E gene, RdRp gene, N gene and S gene) and an exogenous control (entire process control) in a single reaction tube, allowing accurate results and maximize throughput for high volume testing. The diagnostic test previously acquired CE-IVD mark in June 2020.

Ho Yi, Chief Sales and Marketing Officer of Seegene added that depending on the demand from Scottish government, Seegene is willing to switch COVID-19 diagnostic tests with its recent variant test, the Allplex™ SARS-CoV-2 Master Assay and Allplex™ SARS-CoV-2 Variants l Assay.

Seegene's unique variant diagnostic test can detect COVID-19 and screen multiple virus variants simultaneously with a single multiplex real-time PCR test in less than 2 hours. The variant test can detect virus variants including U.K. lineage of concern B.1.1.7, B.1.351, P.1 and B.1.1.207. The variant diagnostic test can also be used with 'Allplex TM RV Essential Assay, a one-step assay for screening a total of 17 target causative viruses for respiratory infections. The Allplex™ SARS-CoV-2 Variants l Assay can also detect and differentiate virus variants while also pre-screen suspicious new variant. The variant diagnostic test can identify virus variants including B.1.1.7, B.1.351, P.1 and B.1.525.

Seegene recently began exporting both Allplex™ SARS-CoV-2 Master Assay and Allplex™ SARS-CoV-2 Variants l Assay to over 20 countries around the world, including the hardest hit European countries including the UK, Italy, Germany as well as Chile after having acquired CE-IVD mark in March.

Yi said with all 9 hospitals already having been fully equipped with Seegene's multiplex PCR equipment, the Korean firm hopes the public procurement agreement will help lead to additional diagnostic tests sales like Seegene's STI and HPV assays.

Seegene's exceptional technological skills are being recognized once again through a series of public procurement agreements including the most recent tender deal secured in Italy via its subsidiary office, worth over EUR 89.3 million. Yi said Seegene hopes to realize additional market expansion soon through its aggressive marketing strategies elsewhere around the world.

About Seegene, Inc.

Founded in Seoul, South Korea in 2000 and with subsidiaries in the U.S.A., Canada, Germany, Italy, Mexico, Brazil, and the Middle East, Seegene, Inc. is an in-vitro diagnostics (IVD) company that has been turning concepts into products through its pioneering R&D activities. Seegene owns its original patent technology including DPO™ (Dual Priming Oligonucleotide) for multiple target amplification; TOCE™, for multiple target detection in a single channel; MuDT™, the world's first real-time PCR technology that provides individual Ct values for multiple targets in a single channel for quantitative assays.; and mTOCE™ multiplex mutation detection technology. With these cutting-edge molecular diagnostic (MDx) technologies applied to diagnostic kits and other tools, Seegene has enhanced the sensitivity and specificity of PCR (polymerase chain reaction) to unprecedented levels, providing multiplex PCR products that target and detect genes of multiple pathogens simultaneously, saving testing time and cost. Seegene continues to set new standards in MDx providing new, cost-effective innovations.

Seegene Inc.
Ashlee Semin Shin
P: +82-2-2240-0685
E: smshin@seegene.com

U.S. Media Contact:
Kristin Schaeffer
E: kschaeffer@cglife.com

Cision
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SOURCE Seegene Inc.

© Canada Newswire, source Canada Newswire English

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Financials
Sales 2021 1 244 B 1,05 B 1,05 B
Net income 2021 486 B 0,41 B 0,41 B
Net Debt 2021 - - -
P/E ratio 2021 6,73x
Yield 2021 6,00%
Capitalization 3 242 B 2 732 M 2 733 M
Capi. / Sales 2021 2,61x
Capi. / Sales 2022 4,54x
Nbr of Employees 833
Free-Float 67,9%
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Number of Analysts 1
Last Close Price 62 600,00 KRW
Average target price 89 000,00 KRW
Spread / Average Target 42,2%
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Jong-Yoon Chun Chief Executive Officer & Director
Jung-Yong Kim Director & Head-Finance
Hong-Il Yoon Independent Director
Chang-Se Lee Independent Director
Kyung-Jun Chun Director
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