Macrogen

Macrogen, Inc.
Public
Traded as KRX: 038290
Founded 1997 (1997)
Founder Jeong-sun Seo
Headquarters Seoul, South Korea
Area served
 global
Key people
 Hyon-yong Chong (CEO, 2015)
Products
  • DNA sequencing
  • Bioinformatic analysis
Divisions
  • Macrogen Korea
  • Macrogen Japan
  • Macrogen Europe
  • Macrogen USA
Website www.macrogen.com

Macrogen, Inc. is a South Korea public biotechnology company.[1] The company's headquarters are located in Seoul.[2] The company was founded in 1997 by Jeong-sun Seo,[note 1] a professor at Seoul National University.[3] It was venture capital-backed until its initial public offering (IPO) and subsequent listing on the KOSDAQ market in 2000, making it the first Korean biotechnology firm to raise funds through an IPO.[1][3] The company announced plans in 2010 to map the "Korean genome" based on the notion that United States-backed genome mapping efforts up to that time were representative of the "Caucasian genome" rather than the "Human genome" as claimed.[4] By 2015, the company was described by one news outlet as "a global leader in personalized genomic medicine".[5]

Business model

Macrogen's business model focuses on providing research services to other firms engaged in biotechnology research and development.[3] As of 2005, 50% of the firm's revenue was derived from DNA sequencing services.[3] Prior to its 2000 IPO, the company aimed to be the low-cost leader in providing research services; after the IPO, Macrogen turned to DNA sequencing technology development as a way to distinguish itself from competitors.[3] As of 2015, the company had four main divisions based on geography: Korea, USA, Europe and Japan.[6]

Consistent with the post-IPO competitive technology strategy was Macrogen's being among the first customers to purchase a HiSeq X Ten System from Illumina in January 2014,[7] purported to be the first sequencing system to enable cracking the $1,000 genome boundary.[8]

In 2015, the company underwent a corporate identity revision, which included a revised corporate logo and a revised corporate slogan: "Humanizing Genomics."[5]

Corporate governance

As of 2014, HyungTae Kim held the role of chief executive officer (CEO) at Macrogen.[2] By early 2015, however, the CEO role had been filled by Hyon-yong Chong.[5]

With respect to the company's Board, founder Jeong-sun Seo remained Chairman as of 2015.[5]

According to KOSDAQ statistics, over 90% of the company's outstanding stock is held by individual investors.[9]

Strategic and tactical relationships

In late 2014, Macrogen licensed Clarity LIMS from GenoLogics, a system "built specifically for the needs of clinical or research genomics and mass spec laboratories".[7] Initial integration with service offerings was to be through the USA-based Macrogen Clinical Laboratory.[7]

In 2014 and 2015, Macrogen won competitive bidding rounds to provide genome analysis services to the University College London.[10]

References

  1. 1 2 "(unknown)". Korea Now. 31. 2002. ISBN 978-2916914534. Retrieved 2015-07-14 – via Google Books (snippet view).
  2. 1 2 Staff (November 3, 2014). "Macrogen Introduces Latest Service Portfolio and Presents Research Outcome at 2014 ASHG Annual Meeting". Biotech Business Week. Retrieved 2015-07-15 – via HighBeam Research.
  3. 1 2 3 4 5 Wong, Joseph (September 15, 2011). Betting on Biotech: Innovation and the Limits of Asia's Developmental State. Cornell University Press. pp. 97–8. ISBN 0801463386 – via Google Books (preview).
  4. ↑ Sleeboom-Faulkner, Margaret (2010). Frameworks of Choice: Predictive & Genetic Testing in Asia. Amsterdam University Press. p. 28. ISBN 9789089641656 – via Google Books (full view).
  5. 1 2 3 4 Staff (April 15, 2015). "Macrogen Renews CI after 19 Years, Making a Great Leap Forward to Be a Global Leader of Personalized Genomic Medicine". Biotech Week. Retrieved 2015-07-15 – via HighBeam Research.
  6. ↑ "Macrogen". www.macrogen.com. See footer content. Retrieved 2015-07-15.
  7. 1 2 3 Staff (November 4, 2014). "Macrogen Selects GenoLogics' Clarity LIMS to Strengthen X-Genome and Clinical Sequencing Services". Information Technology Newsweekly. Retrieved 2015-07-15 – via HighBeam Research.
  8. ↑ "Illumina Introduces the HiSeq X™ Ten Sequencing System" (Press release). Illumina. January 14, 2014. Retrieved 2015-07-15.
  9. ↑ "Trading Performance by Investor". KRX Korea Exchange. Korea Exchange. Sort table by percent. Retrieved 2015-07-15. 91.84 (in percent field for row with investor value "Individual")
  10. ↑ Staff (June 15, 2015). "Products & Services". News. Genetic Engineering & Biotechnology News. 35 (12). p. 8.

Notes

  1. ↑ "Jeong-sun Seo" in one news citation.
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