Progen

What Progen does

Progen Co., Ltd. (ProGen) is a clinical-stage South Korean biopharmaceutical company developing next-generation, long-acting, multi-specific biologic therapeutics built on its proprietary NTIG® (Neo Tri-ImmunoGlobulin) protein-engineering platform. The platform enables modular design of bispecific and multi-receptor fusion proteins, with non-cytolytic tri-immunoglobulin engineering optimized for stability, scalability, and extended dosing intervals. The company is targeting metabolic disease, musculoskeletal disorders, and type 2 inflammation, with lead asset PG-102 (a GLP-1/GLP-2 dual agonist) in Phase 2a-complete / Phase 2b-launched status for Type 2 diabetes, obesity, and MASH, and an oral formulation (PG-102 Pill / RPG-102 / RT-114) in Phase 1b via a partnership with NASDAQ-listed Rani Therapeutics for weekly oral dosing.

The pipeline extends to PG-110, an ActRII/myostatin multi-specific biologic for sarcopenia and obesity adjunct therapy, and PG-401, a TSLP/IL-4Rα bispecific for asthma, demonstrating platform leverage across therapeutic verticals. ProGen is headquartered in Seoul's Bio Innovation Park with a small (1–10 employee) team, listed on Korea's KONEX market since November 2023, and is pursuing a transfer to KOSDAQ. Revenue is generated exclusively through R&D collaboration and licensing agreements — including a contract with Chugai that produced $1.7M of Q1 2026 revenue — alongside strategic investments from Yuhan Corporation (the largest shareholder), JW Pharmaceutical, and Indonesia's PT Kalbe Farma, totaling approximately $35M of disclosed funding.

The business model is enterprise partnership-led: ProGen monetizes its platform through co-development deals, milestone payments, and licensing arrangements rather than direct commercialization. Customers are global and regional pharmaceutical companies (Yuhan, Rani Therapeutics, Chugai, JW Pharmaceutical, Kalbe Farma) rather than end patients. Distribution to patients will ultimately flow through partner-led commercialization. Marketing and credibility are built via peer-reviewed publication (Nature Communications), conference presentations (ADA, EASD, ENDO), and KOL-driven positioning under a CMO who previously chaired the Korean Diabetes Association.

Name

Progen

Legal name

Progen Co., Ltd.

Website

https://progen.co.kr

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

1–10 employees

Short description

ProGen is a Seoul-based clinical-stage biotech developing long-acting, multi-specific biologic therapeutics on its proprietary NTIG® platform, with lead GLP-1/GLP-2 dual agonist PG-102 in global Phase 2b for obesity and diabetes, monetized through pharmaceutical partnerships and licensing.

Ownership category

akta.pro rank

Product category

Biopharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412), Scientific Research and Development Services (5417)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Recombinant Protein Therapeutics (enzymes, hormones, growth factors) (HLAAAAAB)

akta.pro secondary industries

Engineered Protein Therapeutics (de novo/AI-designed proteins, novel scaffolds) (HLAAAAAJ), Protein Engineering & Directed Evolution Platforms (enzyme/therapeutic protein optimization) (HLAAAIAC), Endocrinology & Metabolic Specialty Pharmaceuticals (HLAIACAD)

Keywords

• Biopharmaceuticals
• Metabolic disease therapeutics
• Multi-specific biologics
• Fusion protein platform
• GLP-1 dual agonists

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Collaboration and Licensing Revenue: Revenue from collaboration agreements with pharmaceutical partners such as Chugai, strategic partnerships with Rani Therapeutics for oral biologics, and R&D collaboration agreements with Yuhan Corporation
2. R&D Collaboration Agreements: Strategic partnerships generating revenue through co-development arrangements, platform licensing, and milestone payments from pharmaceutical collaborators

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

ProGen is a clinical-stage biopharmaceutical company developing long-acting, multi-specific fusion protein therapeutics built on its proprietary NTIG® (Neo Tri-ImmunoGlobulin) platform. Its lead asset PG-102 is a first-in-class GLP-1/GLP-2 dual agonist in Phase 2 development for Type 2 diabetes, obesity, and MASH, with an oral weekly formulation (PG-102 Pill) partnered with Rani Therapeutics. The company monetizes its pipeline and platform primarily through co-development partnerships and licensing agreements with pharmaceutical companies such as Yuhan Corporation and Chugai.

Product overview

ProGen is a clinical-stage biotechnology company that has developed a portfolio of next-generation biologic therapeutics built on its proprietary NTIG® (Neo Tri-ImmunoGlobulin) platform. The company's core products include PG-102 (a GLP-1/GLP-2 dual agonist for Type 2 diabetes, obesity, and MASH), PG-102 Pill (an oral weekly formulation using RaniPill® technology), PG-110 (an ActRII/myostatin multi-specific biologic for sarcopenia), and PG-401 (a TSLP/IL-4Rα bispecific for asthma). The platform enables long-acting, multi-target biologics designed to reduce treatment burden while improving efficacy and tolerability.

Differentiator

Problem solved

Functional benefit

Products and services

• PG-102 PG-102 is a first-in-class gut-targeted metabolic biologic and NTIG®-engineered GLP-1/GLP-2 dual agonist designed for monthly injectable dosing. It is being developed for Type 2 diabetes, obesity, and MASH, aiming to restore healthier body composition, improve gastrointestinal tolerability, and reduce chronic metabolic burden. Phase 2a has been completed for Type 2 diabetes and obesity, and a global Phase 2b trial has been initiated.
• PG-102 Pill (RPG-102/RT-114) PG-102 Pill is a first-in-class oral GLP-1/GLP-2 dual agonist enabled by the proprietary RaniPill® platform from Rani Therapeutics, designed for once-weekly oral dosing to achieve injectable-like systemic exposure. It is being developed for obesity, with Phase 1a completed and the program advancing into repeat-dose Phase 1b studies.
• PG-110 PG-110 is a next-generation musculoskeletal biologic designed for sarcopenia and obesity as adjunct therapy. It is an NTIG®-enabled ActRII/myostatin multi-specific biologic engineered to preserve muscle function and metabolic health, administered as a once-monthly subcutaneous injection.
• PG-401 PG-401 is a next-generation bispecific biologic for asthma, targeting TSLP signaling and IL-4Rα-mediated inflammatory amplification simultaneously. It is an NTIG®-enabled TSLP/IL-4Rα bispecific biologic designed for once-monthly dosing and is advancing toward lead candidate selection.
• NTIG® Platform (Neo Tri-ImmunoGlobulin) The NTIG® (Neo Tri-ImmunoGlobulin) platform is ProGen's proprietary biologics technology engineered for long-acting, multi-specific fusion protein therapeutics. It enables sustained signaling, multi-target flexibility, and precision Fc design for developing biologics across metabolic, immune, and cancer applications, and is offered to partners via licensing agreements.

Quantifiable outcome

• Up to 8.7% weight reduction achieved with weekly dosing over four weeks in Phase 2 study
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Yuhan CorporationcoreStrategic or Co-development Partner · 18 April 2025Yuhan invested ₩30 billion to become ProGen's largest shareholder. Comprehensive R&D collaboration agreement for innovative drug development including obesity, diabetes treatments, and immunotherapy development. Second project under comprehensive collaboration initiated November 2024 for immunotherapy. Yuhan also provides $15.5 million (22 billion KRW) funding along with JW Pharmaceutical.
• Rani TherapeuticscoreStrategic or Co-development Partner · 25 June 2024Partnership to develop oral obesity treatment using ProGen's PG-102 with Rani's proprietary RaniPill® oral administration technology. The oral version (RPG-102/RT-114) completed Phase 1a and is advancing to Phase 1b studies. Rani is a NASDAQ-listed company.
• Korea Drug Development Fund (KDDF)minorStrategic or Co-development Partner · 14 June 2024ProGen's dual-target obesity and diabetes treatment PG-102 selected as support project for phase 1 trial by KDDF, led by Director Park Yeong-min.
• AbTisminorStrategic or Co-development Partner · 2 April 2024MOU for joint research on bispecific antibody ADC development leveraging AbTis AbClick platform and ProGen NTIG platform for novel drug modality development.
• GI BiomeminorStrategic or Co-development Partner · 25 July 2023MOU signed to develop next-generation obesity treatment combining ProGen's multi-target antibody platform with GI Biome's gut microbiome expertise.
• Yuhan Corporation (PG-401)minorStrategic or Co-development Partner · 16 September 2022Collaboration on PG-401 asthma program using ProGen's NTIG platform for TSLP/IL-4Rα bispecific biologic development.
• Genenbio (GenNBio)minorStrategic or Co-development Partner · 12 June 2019Joint research agreement signed in 2019 to develop immunosuppressants and treatments for immune diseases.
• TJ BiopharmaminorStrategic or Co-development PartnerListed as a strategic partner on ProGen's website for potential collaboration in biologics development.
• ImmuneOnciaminorOEM/ Whitelabel/ Licensing PartnerLicense-in agreement for NTIG platform technology. ImmuneOncia secured exclusive non-licensing license to develop antibodies fused with NTIG platform for immunotherapy development.
• GI InnovationminorStrategic or Co-development PartnerMOU signed for anti-aging research collaboration in May 2025 at GI Innovation's headquarters.
• LaNova MedicinesminorStrategic or Co-development PartnerMOU for collaborative research and material transfer agreement signed May 2024 to develop next-generation ADC anti-cancer therapeutics using NTIG® platform.
• The Catholic University of KoreaminorStrategic or Co-development PartnerCollaboration on MASH (IIT) Phase 2 study for PG-102.

Scale indicators6 records

Recent moves7 records

Expansion highlights8 records

Broad incumbents

• Novo Nordisk: Maker of Ozempic/Wegovy (semaglutide), the direct comparator in ProGen's Phase 2b trial. Dominant incumbent in the GLP-1 obesity space.
• Eli Lilly: Global incumbent with tirzepatide (Mounjaro/Zepbound) and an extensive GLP-1 pipeline (orforglipron, retatrutide). Sets the efficacy benchmark ProGen's head-to-head design implicitly targets.

Direct peers

• Hanmi Pharmaceutical: Korean clinical-stage biotech developing HM15136 (Efpegerglucagon), a competing GLP-1/GLP-2/glucagon triple agonist for obesity. Most direct head-to-head competitor to ProGen's PG-102 in the dual incretin space.
• Viking Therapeutics: U.S. clinical-stage biotech advancing VK2735, a GLP-1/GIP dual agonist for obesity in Phase 2/3. Comparable in stage and therapeutic focus on next-generation metabolic peptides.
• Structure Therapeutics: Clinical-stage biotech developing oral small-molecule GLP-1 agonists (GSBR-1290). Comparable as a clinical-stage company pursuing differentiated obesity therapeutics with novel modality.

Emerging players

• PegBio: China-based clinical-stage biotech developing pegylated peptide therapeutics for metabolic disease, including obesity. Comparable stage and modality (long-acting peptide/protein biologics).
• D&D Pharmatech: Korean clinical-stage biotech developing dual- and triple-agonist peptides for metabolic disease. Comparable geography, stage, and incretin-modality focus.
• Metsera: Clinical-stage biotech developing amylin and GLP-1-based injectable and oral peptides for obesity. Comparable as a clinical-stage obesity biotech with long-acting biologic focus.
• Gubra: Danish clinical-stage biotech developing peptide-based obesity therapeutics including amylin analogs. Comparable as a clinical-stage biotech focused on metabolic disease peptide/biologic development.

Others

• Chugai Pharmaceutical: Japanese pharma company that is both a ProGen collaboration partner ($1.7M Q1 2026 contract revenue) and an established biologics developer. Listed as ecosystem partner given direct contractual relationship.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/progen-corp

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds2 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Progen