[Edaily Reporter Kwon Oh Seok ] On the 7th, independent research firm Value Finder assessed Xcell Therapeutics Inc., stating, “Cumulative sales for the first half of the year increased more than fivefold compared to the same period last year, indicating the company has entered a growth cycle.” The firm also noted that the company’s cell culture medium is being applied to MEDIPOST CO., LTD.’s Japanese CATIS INC. product and that earnings growth is gaining momentum.

Xcell Therapeutics Inc. is a company specializing in cell culture media, established in 2015. Culture media are raw materials for biopharmaceuticals that determine cell growth and function, and are used across the entire cell therapy and CDMO (Contract Development and Manufacturing Organization) industries. Cumulative revenue for the first half of the year reached approximately 3 billion won (+438% year-over-year), while the operating loss totaled 5.6 billion won.
This revenue growth was driven by expanded product sales. As the company plans to launch new media products, expand supplies to China, and increase media supply to major clients starting in the second half of the year, revenue from its core business is expected to gradually expand. With the government introducing a certification system for biopharmaceutical raw materials through the Special Act on CDMO, the company is expected to benefit in the medium to long term if the localization of biopharmaceutical raw materials—including culture media—accelerates.
MEDIPOST CO., LTD., which recently successfully completed a Phase 3 clinical trial in Japan, has officially announced plans to switch to the company’s chemically defined medium for its stem cell therapy “Cartistem,” used to treat knee osteoarthritis. This is significant as it marks the first instance of a bio-culture medium developed using proprietary domestic technology being applied to cell and gene therapies (CGTs) at the global commercialization stage. Stable sales of the culture medium are expected to materialize alongside the commercialization of CATIS INC., and growth in culture medium sales is projected to accelerate if its application expands to MEDIPOST CO., LTD.’s additional pipeline products.
According to the company, local supply in China of the new T/NK cell-specific medium is expected to begin in earnest with its launch in Q3 2026. The local distributor is “BlueMage,” the world’s leading supplier of hyaluronic acid (HA) raw materials, and the company is reportedly in discussions to establish a local production system to ensure a stable and expanding supply.
Utilizing the local partner’s production infrastructure is expected to ensure supply stability and cost competitiveness without the need for large-scale capital investment. In the Chinese market, where biopharmaceuticals account for a significant portion of production, the full-scale launch of local production starting in the second half of the year is expected to enable both an expansion of supply volumes and the acquisition of new customers.
Ji-hoo, a researcher at Value Finder, stated, “Xcell Therapeutics Inc. has entered a growth cycle alongside a surge in revenue during the first half of the year,” adding, “The official adoption of MEDIPOST CO., LTD.’s CATIS INC. and the expansion of local supply in China will serve as drivers of mid- to long-term growth.”