Xenofocus Sells Land in Daejeon Dungok District for 14.3 Billion KRW... "Securing Funds to Strengthen Core Business"
Customized enzyme specialist Genofocus will utilize the funds secured from selling land in the Dungok District of Daejeon to strengthen the competitiveness of its existing business.
On the 27th, Genofocus announced that it will sell approximately 8,000 pyeong of land it owned in the Dungok District of Daejeon Metropolitan City to Nanoteam Co., Ltd. The total sale amount is about 14.3 billion KRW.
The land in the Dungok District was originally acquired for establishing a cGMP (current Good Manufacturing Practice) factory for microbiome-based new drug production and contract development and manufacturing organization (CDMO) business. However, due to business delays caused by COVID-19 and rising raw material prices, as well as changes in domestic and international business environments, the decision was made to sell the land.
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A Genofocus representative stated, "We will focus on strengthening the competitiveness of our existing business by utilizing the proceeds from the sale of the Dungok District land," adding, "Microbiome-based new drug development and production will be efficiently carried out through contract manufacturing organizations (CROs) in line with the progress of the projects."
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