Raphas

What Raphas does

Raphas Co., Ltd. is a South Korea-based global microneedle technology company founded in 2006 and listed on KOSDAQ (stock code 214260) since November 2019. The company developed the DEN (Droplet Extension) manufacturing process — described as the world's first microneedle manufacturing technology that produces dissolving microneedle patches in under 5 minutes without heating, enabling room-temperature storage and preservation of biologics — and protects it with 32 granted patents across Korea, the United States, Japan, China, and Europe through 2033. Raphas operates a Cheonan manufacturing facility (ISO 13485, CGMP, ISO 22716 certified) and a Seoul headquarters with three regional sales subsidiaries in Japan (2014), China (2015), and the United States via Pacific Bio America Inc. (2022). The company employs 51-100 people and serves global pharmaceutical, cosmetics, and consumer markets across more than ten countries.

Name

Raphas

Legal name

Raphas Co., Ltd.

Website

https://raphas.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

Raphas is a KOSDAQ-listed South Korean microneedle technology company that develops and manufactures dissolving microneedle patches using proprietary DEN technology, serving global pharmaceutical partners via CDMO/ODM and operating its own Acropass cosmetics, Therapass medical device, and Fit Kong food brands.

Ownership category

akta.pro rank

Product category

Microneedle Drug Delivery

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Medicinal and Botanical Manufacturing (325411), Soap, Cleaning Compound, and Toilet Preparation Manufacturing (3256)

SIC

Biological Products, (No Disgnostic Substances) (2836), Perfumes, Cosmetics & Other Toilet Preparations (2844), Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics (2840)

akta.pro primary industry

Needle-Free Injection Systems (Jet Injectors/Microneedle Patches) (HLAHAIAD)

akta.pro secondary industries

Vaccine Delivery & Administration Systems (needle-free, microneedle patches, intranasal/oral) (HLAAAEAF), Vaccine Fill-Finish, Packaging & Cold-Chain Formulation (vial/syringe, lyophilization, thermostable) (HLAAAEAJ), Microneedling / Collagen Induction Therapy (HSALADAI), Skincare Devices (Cleansing Brushes, Microcurrent, LED, Dermaplaning) (CRABAKAI)

Keywords

• Microneedle drug delivery
• Dissolving microneedle patches
• Transdermal drug delivery
• Derma cosmetic patches
• CDMO pharmaceutical services

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. CDMO Services: Contract Development and Manufacturing Organization services for pharmaceutical companies, developing and manufacturing microneedle-based drugs and medical devices. Revenue from development fees, manufacturing fees, and technology transfer agreements.
2. Consumer Brand Sales (Acropass): Direct sales of Acropass brand functional bio-derma cosmetics through e-commerce (official website acropass.co.kr) and offline retail channels in Korea and internationally.
3. Consumer Brand Sales (Fit Kong): Sales of Fit Kong healthy premium food products made with tiger nuts through e-commerce and retail channels.
4. ODM Manufacturing: Original Development Manufacturing for global beauty companies, developing and manufacturing microneedle patches with partner functional contents for wrinkle, blemish, and skin improvement products.
5. Global Export: Export of microneedle products and licensed technologies to international markets including China, Japan, USA, Middle East, Europe, Brazil, Malaysia, Paraguay, Russia, Kazakhstan, and Belarus.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Raphas develops and manufactures dissolving microneedle patches using its proprietary DEN (Droplet Extension) manufacturing technology, which produces microneedle patches in under 5 minutes without heating. The company operates a hybrid model: B2B CDMO/ODM services for pharmaceutical and cosmetic partners globally, and B2C branded products (Acropass functional derma cosmetics, Fit Kong healthy food products). Products target applications including wrinkle care, acne treatment (OTC), drug absorption medical devices, and therapeutic patch R&D.

Product overview

Raphas is a global microneedle technology company offering a platform-plus-modules portfolio centered on its proprietary DEN (Droplet Extension) dissolving microneedle manufacturing technology — the world's first such technology enabling production in under 5 minutes without heating. The core CDMO/contract manufacturing platform serves pharmaceutical and cosmetic partners globally. Branded product lines include Acropass (derma cosmetics — Ageless Lifter, Deep Patch Series, etc.), Therapass (Class 3 medical device for drug absorption induction), and Fit Kong (functional food brand). An active pipeline spans therapeutic microneedle patches for allergy immunotherapy (DF19001), obesity (semaglutide), Alzheimer's (donepezil), osteoporosis (PTH), asthma (HDM allergen), migraine, and vaccines (TB, hepatitis B, polio), plus next-generation platforms including a microneedle biosensor (with Murata) and nano-capsule drug delivery (with Hosokawa Micron). Raphas operates as both a B2B CDMO and a B2C branded goods company, with products regulated as cosmetics, medical devices, and pharmaceuticals depending on jurisdiction.

Differentiator

Problem solved

Functional benefit

Brands

• Acropass: Functional bio derma cosmetics brand featuring microneedle technologies for anti-aging and skincare applications. Incorporates bio-mimetics, bio-derma, bio-convergence, and bioengineering core biotechnologies.
• Fit Kong
• Therapass
• AcneCure

Products and services

• Dissolving Microneedle Patch (CDMO/Contract Manufacturing Service)
• Acropass (Dermacosmetic Brand)
• Acropass Ageless Lifter
• Acropass Deep Patch Series
• Acropass Smile Line Care Anti-aging patch for nasolabial fold (smile line) care, part of the Acropass Ageless Lifter line.
• Therapass
• ACNE CURE OTC Microneedle Patch
• Retinol Microcapsule Patch
• Vitabrid STEMCELL SHOT PREMIUM
• Fit Kong

Quantifiable outcome

• DF19001 allergy immunotherapy achieves equivalent immune response with 1/10th dosage compared to conventional injections
• +2 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

15 partnerships are on record, tiered core and minor.

• Murata Manufacturing (Murata Seisakusho)coreStrategic or Co-development Partner · 3 July 2026CDMO contract for commercialization of microneedle-based biosignal analysis products. Joint development of next-generation wearable healthcare platform combining microneedle technology with biosensor technology for non-invasive biological information collection through skin. Murata provides bio-battery and enzyme immobilization electrode technology.
• Raphas JapancoreChannel Partner/ Reseller/ Distributor · 3 July 2026Japan subsidiary overseeing commercialization and market expansion in Japan, including Hosokawa Micron and Murata partnerships.
• Hosokawa MicroncoreStrategic or Co-development Partner · 1 July 2026Joint development of next-generation drug delivery technology using nano-capsule technology. Integration of Hosokawa's biodegradable polymer (PLGA) nano-complex capsule technology with Raphas's microneedle patch platform for enhanced drug delivery applications in cosmetics and pharmaceuticals.
• LunatuscoreChannel Partner/ Reseller/ Distributor · 9 June 2026Supply contract with Marubeni Group affiliate for Middle East distribution of ACNE CURE OTC microneedle patch products. Lunatus to support regulatory registration and local market establishment in 9 Middle Eastern countries.
• OishikoseidominorStrategic or Co-development Partner · 1 July 2023Joint research and development for migraine treatment using microneedle patch technology.
• Daewon PharmaceuticalcoreStrategic or Co-development Partner · 1 March 2023Joint development of semaglutide microneedle patch for obesity treatment. Phase 1 IND application submitted (July 2023), approved (March 2024). Plan for Phase 2 IND application in 2026 targeting 50%+ bioavailability improvement.
• Pacific Bio America Inc.coreChannel Partner/ Reseller/ Distributor · 1 November 2022US sales subsidiary established for North American market sales and distribution.
• Johnson & JohnsoncoreStrategic or Co-development Partner · 1 February 2022Research agreement for microneedle-particle technology development.
• RIGHT FundcoreStrategic or Co-development Partner · 1 July 2020TB patch vaccine development project selected for RIGHT Fund support.
• Global No.1 Immunotherapy CompanycoreStrategic or Co-development Partner · 1 January 2019Joint R&D for HDM allergen (allergy asthma treatment) microneedle patch. Partnership with leading immunotherapy company for allergy immunotherapy development.
• Global No.1 Vaccine ManufacturercoreStrategic or Co-development Partner · 1 January 2017Partnership for vaccine development using microneedle technology. Includes joint R&D agreement (2017), technology transfer for HPV, TdaP, HBV, IPV vaccine strains (2018), and MOU for technology transfer. Currently engaged in animal testing for hepatitis B and polio vaccines.
• Wave Corporation (Japan)minorChannel Partner/ Reseller/ Distributor · 1 January 2015Distribution partnership for Japanese market. Export to Japan started 2012 with Wave Corporation distribution agreement.
• PATH (RIGHT Fund)coreStrategic or Co-development PartnerJoint research with global vaccine research institute PATH for TB vaccine development using new drug candidate Mpg strain. Part of RIGHT Fund supported project.
• Severance HospitalcoreStrategic or Co-development PartnerResearch partnership with Korea's leading allergy research hospital for HDM allergen immunotherapy clinical development. Conducting research with Ministry of Health and Welfare project.
• MIAT and Samoh PharmaceuticalcoreStrategic or Co-development PartnerDevelopment partnership for drug absorption inducer medical device (Therapass). MIAT and Samoh Pharmaceutical as development partners for Class 3 medical device licensed by MFDS.

Scale indicators7 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• NanoPass Technologies: Israeli company developing microneedle-based intradermal delivery devices for vaccines and therapeutics. Comparable to Raphas in microneedle drug delivery focus, with established partnerships with major pharmaceutical companies for vaccine applications.
• Corium (Lotte Biologics): US-based transdermal drug delivery and microneedle patch developer. Comparable to Raphas as a microneedle-based drug delivery platform serving pharmaceutical partners, now operating as part of Lotte's biologics business.
• Micropoint Technologies: Chinese microneedle technology company developing dissolving microneedle patches for cosmetic and medical applications. Directly comparable to Raphas as a microneedle manufacturer with similar product categories (anti-aging patches, derma cosmetics) and overlapping Asian market presence.
• Vaxxas: Australian biotech developing high-density microneedle patch technology for vaccine and therapeutic delivery. Most direct competitor to Raphas, with comparable focus on dissolvable microneedles for vaccine and drug delivery applications.

Emerging players

• Zosano Pharma: Clinical-stage company developing transdermal microneedle delivery of therapeutics. Comparable to Raphas in microneedle drug delivery technology and clinical pipeline approach, though focused on different therapeutic indications.

Broad incumbents

• Cosmax: Korea's largest cosmetics ODM/CDMO serving global beauty brands. Comparable to Raphas as an ODM partner for cosmetic products with manufacturing capabilities and global distribution, though focused on conventional cosmetics rather than microneedle technology.
• 3M Drug Delivery Systems: Major division of 3M offering transdermal and microneedle drug delivery technologies to pharmaceutical companies. Comparable to Raphas in microneedle drug delivery focus, but operating with much greater financial and R&D resources as part of a Fortune 500 industrial conglomerate.
• LTS Lohmann Therapie-Systeme: German transdermal drug delivery CDMO with broader portfolio including microneedle patches. Comparable to Raphas as a contract manufacturer serving global pharmaceutical companies, but with much larger scale and broader technology base.
• Kindeva Drug Delivery: Global CDMO specializing in drug delivery including microneedle and transdermal systems. Comparable to Raphas as a contract development and manufacturing organization serving pharmaceutical clients, though with significantly larger scale and broader service offerings.
• Hisamitsu Pharmaceutical (Noven): Japanese pharmaceutical company and owner of Noven Pharmaceuticals, with leading transdermal patch portfolio and emerging microneedle R&D. Comparable to Raphas in transdermal/dissolving patch technology, with much larger scale and stronger retail consumer brands (Salonpas).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks1 record

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCacb3p-rccSFpnCGiYOeziQ
• Instagraminstagram.com/acropass_official

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A

Investments1 record

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

Frequently asked questions about Raphas