Alphabiz - Samchundang Pharma Faces Ongoing Doubts Over S-PASS Platform Despite Press Briefing

Photo courtesy of Yonhap News

[Alpha Biz= Kim Jisun] Samchundang Pharm held a press briefing on April 6 to address stock manipulation concerns, but skepticism remains over its core oral drug platform, S-PASS.

CEO Jeon In-seok claimed the technology can bypass SNAC used in Novo Nordisk’s obesity drug Wegovy, lowering costs and enabling global competitiveness. The company also cited clinical filings with the European Medicines Agency as evidence of commercialization readiness.

However, concerns persist. A previously announced KRW 5.3 trillion deal was officially disclosed as only KRW 50.8 billion, raising questions about contract transparency. Patent protection for S-PASS remains unclear, and key pharmacokinetic (PK) data has not been disclosed.

The company’s track record of canceled deals has also fueled doubts about execution. Additionally, the withdrawal of a planned KRW 250 billion share sale—presented as a shareholder-friendly decision—appears to have been driven by regulatory requirements tied to stock price volatility.

Overall, uncertainties around technology validation, patents, and commercialization continue to weigh on investor confidence.

Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)