Corestem Chemon

What Corestem Chemon does

CorestemChemon Inc. (KOSDAQ: A166480) is a South Korean biopharmaceutical and preclinical contract research company formed through the 2022 merger of Corestem (a stem cell therapy developer) and Chemon (a private non-clinical CRO). The company operates two distinct business units. The Biomedicine Business Division develops autologous bone marrow-derived mesenchymal stem cell therapeutics, with lead product Neuronata-R (뉴로나타-알주), a stem cell therapy for amyotrophic lateral sclerosis (ALS/Lou Gehrig's disease) that received Korean MFDS conditional approval in 2014 and has been administered to more than 400 patients. The pipeline also extends to cerebellar ataxia, neuromyelitis optica, lupus (SLE), and fibrosis, with FDA and EMA Orphan Drug Designations held for Neuronata-R and a US BLA filing being pursued.

The company generated revenue of approximately 198 billion KRW from its preclinical CRO business in 2025, with a further ~2 billion KRW from Neuronata-R product sales, and held an internal CRO order backlog of ~89 billion KRW at the end of Q1 2026. Revenue is recognized primarily under a percentage-of-completion model on CRO contracts (toxicology and efficacy studies for pharma, biotech, cosmetics, and medical device clients) plus one-time sales of Neuronata-R distributed through university hospital neurology departments in Korea. Manufacturing is conducted at the Yongin GMP facility, with a new Osong ATMP (Advanced Therapy Medicinal Products) center being built out as the future US launch supply site.

CorestemChemon's principal strategic event is the November 2025 rights offering of approximately 378 billion KRW (~$260M) to fund Neuronata-R's US regulatory pathway and repay short-term debt; the company simultaneously carried ~21 billion KRW in cash against ~241 billion KRW in short-term repayment obligations at the time. Phase 3 trials of Neuronata-R completed in October 2024, with the primary endpoint not achieving statistical significance in topline data (December 2024), although secondary biomarker and long-term survival data were supportive. The company is pursuing US Accelerated Approval and RMAT designation, and received a May 2026 MFDS product change approval for a new suspension formulation.

Name

Corestem Chemon

Legal name

코아istem켐온 주식회사 (CorestemChemon Inc.)

Website

https://corestemchemon.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

1–10 employees

Short description

CorestemChemon is a South Korean biopharmaceutical company developing autologous stem cell therapeutics (lead asset Neuronata-R for ALS) while also operating a preclinical CRO that provides toxicology and efficacy services to pharmaceutical, biotechnology, cosmetics, and medical device clients.

Ownership category

akta.pro rank

Product category

Biopharmaceuticals and Preclinical CRO

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), Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Cell Therapy Manufacturing Services (GMP, autologous/allogeneic) (HLAAAKAC)

Keywords

• Stem cell therapeutics
• Preclinical CRO services
• Cell biotechnology
• ALS treatment
• Toxicology testing

Headquarters

HQ city

Seongnam

HQ country

South Korea

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Stem Cell Therapeutic Product Sales (Neuronata-R): Revenue generated from the commercial sale of Neuronata-R, the company's stem cell therapy for ALS, which received conditional approval from Korea's MFDS in 2014. The company manufactures the product at its GMP facilities and distributes through hospital channels.
2. Preclinical CRO Services: Contract research services provided to pharmaceutical, biotechnology, cosmetics, and medical device companies for toxicity assessment and efficacy evaluation. Revenue is recognized on a progress basis (percentage of completion) tied to study milestones rather than upfront at contract signing. CRO services cover the full spectrum of preclinical testing required for regulatory approval.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Corestem Chemon develops and commercializes autologous bone marrow-derived mesenchymal stem cell therapies, with its lead product Neuronata-R approved in Korea (2014) for ALS. The company also operates a preclinical contract research organization (CRO) business providing toxicology and efficacy evaluation services to pharmaceutical, biotechnology, cosmetics, and medical device companies. The company operates GMP-certified manufacturing facilities in Yongin and Osong and runs an integrated platform spanning stem cell research, preclinical CRO, GMP manufacturing, and clinical development.

Product overview

Corestem Chemon operates two main business units: (1) a Biomedicine Business Division focused on stem cell therapeutics, with its flagship product Neuronata-R (뉴로나타-알주), an autologous bone marrow-derived mesenchymal stem cell therapy for ALS that received conditional approval from Korean MFDS in 2014 and has completed Phase 3 clinical trials in both Korea and the US; and (2) a Preclinical CRO Business providing contract research services for toxicology and efficacy assessment to pharmaceutical, biomedicine, cosmetics, and medical device companies.

Differentiator

Problem solved

Functional benefit

Brands

• Neuronata-R (뉴로나타-알주): Autologous bone marrow-derived mesenchymal stem cell therapy for ALS (amyotrophic lateral sclerosis). Received conditional approval from MFDS in 2014. Currently in Phase 3 trials for additional approvals.

Products and services

• Neuronata-R (뉴로나타-알주) Autologous bone marrow-derived mesenchymal stem cell (MSC) therapy for amyotrophic lateral sclerosis (ALS, Lou Gehrig's disease). Derived from the patient's own bone marrow and administered via injection. Received conditional approval from Korea's MFDS in 2014, orphan drug designation from FDA (2018) and EMA (2019), and completed Phase 3 clinical trials in both Korea and the US. Used at university hospital neurology departments for ALS treatment. Over 400 patients had received treatment as of November 2023.
• Preclinical CRO Services (비임상CRO사업) Contract research organization services providing toxicology evaluation and efficacy assessment studies for pharmaceutical, biotechnology/biologics, cosmetics, and medical device companies. Services are based on animal studies and leverage bioengineering and analytical technology platforms. Pricing is quote-based per project, with revenue recognized on a percentage-of-completion basis. Q1 2026 internal order backlog approximately 89 billion KRW.

Quantifiable outcome

• Over 400 patients treated with Neuronata-R as of November 2023
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Global CRO Partners (Clinical Trials)coreStrategic or Co-development PartnerThe company conducts its clinical trials using global CRO (Contract Research Organization) partners. Neuronata-R completed simultaneous Phase 3 clinical trials in Korea and the US under global CRO oversight. The company leverages global CRO expertise for regulatory strategy, data analysis, and FDA/MFDS interactions.

Scale indicators7 records

Recent moves9 records

Expansion highlights5 records

Emerging players

• Helixmith: Helixmith (formerly ViroMed) is a Korean biotech developing gene therapies including VM202 (donerminogene praedrope) for diabetic neuropathy and ALS. Comparable Korean-listed clinical-stage biotech with neurological disease focus.

Direct peers

• BrainStorm Cell Therapeutics: BrainStorm develops NurOwn, an autologous bone marrow-derived MSC therapy for ALS—the most direct therapeutic and mechanistic peer to Corestem Chemon's Neuronata-R. Both companies target ALS with similar stem cell platforms and have navigated late-stage clinical development in the same indication.
• Pharmicell: Pharmicell is a Korean stem cell therapeutics company developing autologous cell therapies including Hearticellgram-AMI. Direct domestic peer operating in the same Korean regulatory environment with similar autologous MSC manufacturing approach.
• Green Cross Cell: Green Cross Cell is a Korean cell therapy company developing immunocell therapies such as Immuncell-LC for hepatocellular carcinoma. Korean-listed peer in the cell therapy space with GMP manufacturing capabilities comparable to Corestem Chemon.
• Medipost: Medipost is a Korean biotech commercializing Cartistem, a cord blood-derived stem cell therapy, and developing other MSC-based products. Comparable Korean-listed peer with stem cell therapy commercialization experience and similar regulatory pathway navigation.

Broad incumbents

• WuXi AppTec: WuXi AppTec is a global CRO/CDMO providing preclinical testing services and biologics manufacturing. Comparable to Corestem Chemon's preclinical CRO segment and as a broader CDMO competitor for cell therapy manufacturing services.
• Catalent: Catalent is a global CDMO providing biologics manufacturing and cell therapy services. Comparable as a broad cell therapy CDMO incumbent relevant to Corestem Chemon's manufacturing strategy.
• Charles River Laboratories: Charles River is a global preclinical CRO offering toxicology and efficacy evaluation services across pharmaceuticals, biologics, and medical devices—directly comparable to Corestem Chemon's preclinical CRO business unit.
• Lonza Group: Lonza is a global CDMO with major cell and gene therapy manufacturing capabilities. Comparable as a potential contract manufacturer competitor or partner for Corestem Chemon's Neuronata-R production at global scale.

Others

• IQVIA: IQVIA is a global clinical CRO that conducted Neuronata-R's Phase 3 trials in the US per company disclosures. Relevant as both a current operational partner and an incumbent in the broader clinical research services market Corestem Chemon operates in.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds1 record

Investors

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 Corestem Chemon