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Sanigen, diversifying its sales sources
No. 2023.09.11 View 969
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Created Date 2023.9.8
Sanigen, which is seeking to enter the KOSDAQ market in November, is expanding its business area to include sales of radiation measurement devices. We decided to utilize the network we had accumulated by selling our own food safety products. For this purpose, a business agreement (MOU) was signed with Orbitech.
◇Utilize the food industry network equipped with Sanigen
On the 8th, Sanigen announced that it had signed a business agreement with Orbitech, a nuclear and radiation management company, for the sale and analysis services of food-related radiation measurement devices. Sanigen and Orbitech have decided to cooperate in selling 'Radico-2', a portable radiation measuring device, and providing calibration services and food sample ingredient analysis services to food companies, public institutions, and online sectors.
Recently, as concerns about radioactive contamination of seafood have grown, demand for related products is also increasing. Orbitech is conducting radioactivity tests on marine products at the production stage together with the Ministry of Oceans and Fisheries. Radioco-2 is capable of measuring alpha and beta radiation, X-rays, and gamma rays. Its advantage is higher sensitivity and accuracy than products currently available on the market.
Sanigen decided to help sell Radioco-2 by utilizing the know-how it had accumulated while selling food safety diagnostic devices and preprocessing products. Sanigen has been supplying the rapid PCR molecular diagnostic product Genelix, food safety inspection sampling and preprocessing product ForLabs, and ice maker safety management product Sani-I to the food industry. Orbitech expects to conduct rapid testing by utilizing Sanigen’s distribution network.
Park Jeong-woong, CEO of Sanigen, said, "By supplying Orbitech's excellent products and services through our company's wide sales network in the food industry, we will contribute to resolving consumers' concerns about the radioactivity safety of food." “We plan to strengthen business cooperation in the future,” he said.
◇Diversification of portfolio for external growth
Sanigen's expansion of its business into sales of measuring devices appears to be in line with its sales expansion strategy. CEO Park Jeong-woong also emphasized the upward trend in performance at a corporate information session held at the 63 Building in Yeouido, Seoul on the 5th. CEO Park said, “This year’s product sales are performing well and profitability is high, so we expect to reach a profit in a short period of time.”
Sanigen is also planning to accelerate its overseas expansion. We are targeting developed and emerging markets in a two-track manner. In July, we signed a three-year product distributorship agreement with Smart Science Co., Ltd., a Thai scientific equipment distributor, and at the end of last month, we signed a contract with Japan's Kyowa Medical to sell products related to molecular diagnostics, food preprocessing products, and eco-friendly sterilization products. Signed a contract to supply products, etc.
It is interpreted as a strategy to accelerate the turnaround time after listing by increasing domestic and overseas sales of its own food safety diagnostic products and providing sales and analysis services as in the case of Orbitech. Sanigen, which received approval for a merger with KB No. 23 SPAC from the Korea Exchange in July, will hold a general shareholders' meeting for the merger for SPAC shareholders on the 15th. It is scheduled to be listed in November.
