GC Cell (formerly Green Cross Cell), a company specializing in cell therapy, signed a Memorandum of Understanding (MOU) on investment promotion with the State of Maryland, USA, in September 2017. This agreement is now being evaluated as a crucial milestone for advancing into the global bio market, going beyond just a starting point. This collaboration, which was highlighted as one of the achievements during then-President Moon Jae-in's first visit to the U.S. with an economic delegation, provided GC Cell with a solid foothold in the American market and accelerated the globalization of its core pipelines.
At the time of the agreement, Green Cross Cell announced plans to establish a subsidiary or office in Maryland to secure a bridgehead for its entry into the U.S. market. Maryland actively pledged strong support for GC Cell's investment attraction, R&D assistance, and connections with bio-health industry-related companies within the U.S., promising close mutual cooperation. The strategic importance of this collaboration was further emphasized by Maryland's position as the center of the 'BioHealth Capital Region (BHCR),' a massive bio-cluster with world-leading research institutions like the U.S. Food and Drug Administration (FDA), National Institutes of Health (NIH), and National Cancer Institute (NCI), along with Johns Hopkins University and over 500 bio companies.
Benjamin Wu, then-Deputy Secretary of the Maryland Department of Commerce, stated at the time, "BHCR will achieve its shared goal of becoming one of the world's top three bio-health clusters by 2023," and expressed expectations for GC Cell to play a significant role in this region by expanding its immune cell therapy business capabilities. Indeed, BHCR has consistently maintained its position as the third-largest bio-pharmaceutical cluster in the U.S. in 2024, demonstrating its global competitiveness.
Since the MOU signing in 2017, GC Cell has continued concrete steps for its U.S. market entry. In early 2020, it established a local U.S. subsidiary, Novacel, to pursue Phase 1 clinical trials of its MSLN-CAR-T cell therapy in the U.S. and to seek partners for North American and European market expansion. Furthermore, Artiva Biotherapeutics, an affiliate established in 2019 by GC (Green Cross Holdings) and GC LabCell (now GC Cell) for U.S. market entry, has focused on developing allogeneic NK cell therapies. In July 2024, Artiva successfully listed on the Nasdaq Stock Market, expanding its presence in the global market.
GC Cell is also pursuing diverse global expansion strategies. It secured Orphan Drug Designation (ODD) from the FDA for its autologous immune cell therapy, 'Immuncell-LC,' for liver cancer, making its U.S. entry more tangible. Simultaneously, it is actively developing its Contract Development and Manufacturing Organization (CDMO) business, aiming to secure CAR-T therapy CDMO contracts with global big pharma companies.
GC Cell's core pipeline, the immunotherapeutic agent 'Immuncell-LC,' has shown consistent growth since receiving product approval for liver cancer in 2007. Immuncell-LC, the first domestic cell therapy to exceed annual sales of 10 billion KRW in 2015, recorded 35.6 billion KRW in sales in 2020 and achieved 20 billion KRW in sales in the first half of 2022, a 22.3% increase year-over-year. In the first half of 2024, it also generated 18.7 billion KRW in sales, maintaining its role as a strong cash cow and continuing its growth for six consecutive quarters since Q4 2022. Research to expand its indications to various cancer types beyond liver cancer, such as pancreatic and breast cancer, is also actively underway. Starting in 2025, a quantum leap in sales is anticipated through overseas exports, transcending domestic sales.
Lee Deuk-joo, CEO of GC Cell, emphasized, "We received high praise for our technology and a promise of full support from Maryland, the mecca of the U.S. bio-industry, which will allow us to play a significant role as a strategic partner for global market entry." He reiterated the company's commitment to "devoting all efforts to R&D and business development to become a global leader in the cell therapy market." The 2017 collaboration has been a decisive driving force for GC Cell to establish a unique position in the global cell and gene therapy market through self-capacity building and strategic partnerships. Moving forward, it is expected to continue providing new treatment opportunities for cancer patients worldwide through continuous innovation and challenges.
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