Tego Science said Thursday that its sales plunged to 2.1 billion won ($1.8 million) in the third quarter of this year, a drastic 203 percent decrease from the same period last year.
The stem-cell therapy company also registered 334 million won in operating profits, which plunged 328 percent from 2017, and posted a net profit of 124 million won, down 190 percent.
Despite the drastic drop in sales and profit the company claimed that there was no cause to worry.
“Although it is not a satisfactory year-on-year performance, it is not worrisome,” a company official said. “The company expects a decrease in operating costs as the manufacturing plant that was originally separated will be jointly operated with the approval of Holoderm and Kaloderm on Nov. 9.”
Also, The TPX-114 clinical trial is proceeding smoothly, the official said. And although Rosmir, an anti-wrinkle treatment, has not achieved promising results due to its nature as a cell therapy drug, the current market response is not bad, he added.