FutureChem Co. that goes public on the secondary Kosdaq market early next month will devote the funds raised from its stock offering in developing radioactive pharmaceuticals for diagnosis of Alzheimer’s disease, said Chi Dae-yoon, the company’s chief executive.

The company anticipates huge profits from a radiopharmaceutical used in the diagnosis of Parkinson’s disease, which is expected to be approved by the U.S. Food and Drug Administration early next year, he said in an interview with the Maeil Business Newspaper.

“After we gain the approval, we will expand our business scope to Europe and elsewhere,” Chi explained.

Founded in 2001, FutureChem is a company dedicated to radiopharmaceuticals, which refer to radioactive isotopes of elements used in the diagnosis and treatment of disease.

Major products include lung cancer diagnostic agent FLT and Parkinson’s disease diagnostic agent F-18 FP-CIT. Its diagnostic agent Alzaview which is under development was filed for approval with the Ministry of Food and Drug Safety after completion of a phase III study.

The Alzheimer’s disease diagnostic market stands at 40 billion won ($35 million) and the company plans to increase its market share to more than 50 percent after Alzaview is launched. By 2020, the company will conduct clinical trials of in patients with brain tumor, cerebral infarction and prostatic cancer. The company posted 800 million won in sales in the first half and an operating loss of 1.8 billion won this year.

By Song Gwang-sup

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