South Korea‘s top internet portal operator Naver reached all-time highs in the second quarter this year, backed by improved performances of the company’s new businesses. According to Naver, the company’s sales in the April-June period reached 1.66 trillion won ($1.44 billion), increasing 30.4 percent from 1.2 trillion won from a year earlier. In the second quarter last year, Naver’s sales totaled around 1.9 trillion won, but 680 billion won of the total sales was from

Telcon RF Pharmaceutical has received approval to carry out a phase 1 clinical study of Humanigen‘s COVID-19 treatment lenzilumab in South Korea, the company said Thursday. Lenzilumab is a monoclonal antibody drug developed by Humanigen for treating hospitalized patients with COVID-19. Telcon RF and its parent company KPM Tech are responsible for gaining regulatory approval and commercialization authorization of lenzilumab in South Korea and the Philippines, under the licensing transact

Samsung Electronics announced Wednesday that the company will hold the annual “Unpacked” on Aug. 11. The event, titled “Get ready to unfold,” will stream live on the company’s official channel on YouTube, at 11 p.m. local time, according to Samsung Electronics. The company has also uploaded a trailer that provides a glimpse into the company’s latest foldable devices, the Samsung Galaxy Z Flip3 and Galaxy Z Fold3, which the company is expected to further

South Korean biopharmaceutical firm GC Pharma has partnered with US-based biotech firm Speragen to develop a cure for a rare disease, according to the company, Tuesday. According to GC Pharma, the two companies will develop an enzyme replacement therapy for a rare disease called succinic semialdehyde dehydrogenase deficiency, which currently has no treatment. The two companies aim to start preclinical studies this year and phase 1 and 2 clinical trials during the second half of 2023. Under

Samsung Bioepis said Tuesday that the company has started a Phase 3 clinical trial for its ustekinumab biosimilar candidate, SB17. SB17 is the the South Korean biopharmaceutical company’s 10th biosimilar pipeline. The reference ustekinumab product is Stelara, a prescription medicine developed by Johnson & Johnson’s pharmaceutical unit Janssen, used to treat patients with plaque psoriasis, psoriatic arthritis, Crohn’s disease and ulcerative colitis. First approved in 20

South Korea‘s exports of antibody test kits increased for two consecutive months this spring, according to the Korea Customs Service’s data, Friday. Exports of COVID-19 test kits, however, are expected to decrease in the future due to international vaccination efforts, local industry sources alerted. The country‘s exports of antibody test kits in June marked $353.3 million, up 12.7 percent from $313.5 million in May, according to the data. South Korea’s exports of re

Medical experts are divided over the safety and efficacy of an abortion pill poised to soon hit local pharmacy shelves. After a Korean firm sought to bring in the drug Mifegyne -- which is sold in over 70 countries -- under a local brand name Mifegymiso, a group of local experts on Thursday called for a bridging study to verify the pill’s safety and efficacy. A bridging study on a drug is an additional study executed in a new region to compare it with foreign clinical data on safety, e

SK Bioscience is to soon begin the Phase 3 clinical trial of its COVID-19 vaccine candidate, the firm’s CEO Ahn Jae-yong told a local seminar held Wednesday. Ahn also added the company expects the vaccine to be out early next year. SK Bioscience currently has two COVID-19 vaccine candidates, GBP510 and NBP2001, under development. The Seongnam, Gyeonggi Province-based firm is expected to choose one -- GBP510. The company last month applied for a regulatory permission to start the Phase 3

Cyworld Z, the 2021 revival of the once-popular homegrown social networking service of the same name, will feature immersive virtual shops, utilizing its metaverse platform, in partnership with local retail giant GS Retail. GS Retail signed a business agreement with Cyworld Z at the GS Group headquarters in Seoul on Wednesday for the project. Cyworld Z is a consortium of five firms including Kosdaq-listed Intromedic and Sky E&M, which purchased Cyworld in January this year, in hopes of

Results of the final, phase 3 clinical trial of Regkirona, an antibody COVID-19 treatment developed by South Korean firm Celltrion, were presented at a conference in Europe, the company said Tuesday. According to the presentation made by Oana Sandulescu, an associate professor at Carol Davila University of Medicine and Pharmacy, at the 31st European Congress of Clinical Microbiology and Infectious Diseases, Regkirona, or CT-P59, has significantly reduced the rate of progression for severe sym

A global shortage of automotive chips is expected to last through next year, while efforts to localize production are not advancing fast enough, a local auto industry think tank said Monday. The Seoul-based Korea Automotive Technology Institute, in a report, predicted the situation will slowly get better for automakers, starting in the second half of this year. But, the supply will remain constrained by 2022. A global lack of chips has forced many automakers to suspend car production, includ

One in 4 executives at South Korea’s top conglomerates is 50 or younger, according to a report released Monday. According to local market analysis company Leaders Index, the number of executives under 51 increased to 3,360 at 334 companies that reported financial results in the first quarter of the year. They made up 24.7 percent of the total, an increase of 1 percentage point on-year. The 334 firms are among the country’s top 500 companies. The proportion of executives under 5

Kakao Mobility, the firm behind South Korea’s leading taxi-hailing service, Kakao T, announced Sunday that the company would allow drivers with good ratings from passengers to enjoy a better chance of getting booked. New contract terms will apply to taxi drivers who newly subscribe to Pro Membership, a paid membership program designed to help them pick up more passengers. Under the new terms, Kakao Mobility may deny membership to drivers with low ratings or boot existing subscribers if

South Korean drug firm GeneOne Life Science announced Thursday that the company will begin a phase 2a clinical trial of the company‘s self-developed DNA-based COVID-19 vaccine candidate GLS-5310. The phase 1 clinical trial, conducted at Korea University Guro Hospital with 45 participants, has produced positive results and was reviewed and confirmed by a data safety monitoring board, the firm said. A DSMB is a group of independent experts who monitor patient safety and treatment efficac

Local bio company Huons Global has secured marketing rights for Russian COVID-19 vaccine Sputnik Light in South Korea, the company announced Wednesday. Huons Global will be in charge of the authorization procedure for the Russian vaccine. Huons could also apply for emergency use authorization from Korea’s Ministry of Food and Drug Safety, the company added. A consortium led by Huons Global will begin producing Sputnik V and Sputnik Light, starting in the second half this year. Sputni

LG Electronics said Wednesday its operating profit in the second quarter is estimated at 1.11 trillion won ($979.4 million), up 65.5 percent on-year. In a regulatory filing, the firm said its sales during the April-June period is likely to have reached 17.11 trillion won, an increase by 48.4 percent from a year earlier. The company’s quarterly operating profit would top 1 trillion for a second consecutive quarter, the earnings guidance showed. In the first quarter, the electronics gia

Hyundai Pharmaceutical announced Tuesday that it had filed an application for authorization to market an abortion pill in South Korea. Mifegymiso consists of one tablet of mifepristone and four tablets of misoprostol. Mifepristone, formerly RU-486, is known by the brand name Mifegyne in Korea. In March this year, Hyundai Pharm signed an exclusive agreement with Linepharma International to sell Mifegyne in the Korean market. If approved, Mifegymiso would become the first legal abortion pill

South Korea’s top wireless carrier SK Telecom said Monday that the company has started a test run of its 5G network running on the 28-gigahertz bandwidth at Coex, in Samseong-dong, Seoul. For the test run of super-fast wireless connection, the company has set up an exhibition at a 36,000-square-meter area at Coex, offering a glimpse into SKT’s future technology businesses, such as the metaverse. During the event, which runs through Sunday, anyone who visits can use the “mi

South Korean central nervous system drug developer SK Biopharmaceuticals CEO Cho Jeong-woo vowed to help the firm attain a value of 50 trillion won ($44.02 billion) by 2030 and make the list of the world’s top 10 health care firms. SK Biopharm shared its latest corporate vision during an online event titled “Financial Story,” held Friday. During the event, SK Biopharmaceuticals presented detailed strategies to achieve the goal. SK Biopharm said the company would launch mor

LG Chem Vice Chairman Shin Hak-cheol has rolled up his sleeves to recruit top-tier talent who could lead the company’s future research and development under environmental, social and governance standards. The chemical affiliate of LG Group on Friday held a conference at InterContinental Seoul COEX in southern Seoul, inviting 45 engineers who are pursuing master’s or doctorate degrees at local universities and research institutions. LG Chem’s executives joined the conferenc