[Edaily Reporter YU JIN-HEE ] DOP, a human tissue-based biotech company, is achieving remarkable results in the aesthetic medicine sector, a new market it has recently entered. “ESSALIA,” an injectable product based on acellular allogeneic dermis (hADM), has followed its success in the domestic market by securing approval in Singapore—the first step in its expansion into Southeast Asia—and has already completed the shipment of its initial batch. As a result, DOP is projected to generate over 7 billion won in revenue this year from the aesthetic medical device sector alone, even by conservative estimates. Total annual revenue is also expected to exceed 27 billion won.

Singapore Approval Secured… Full-Scale Expansion into Southeast Asia’s Aesthetic Medical Market Begins

According to the pharmaceutical and biotech industry on the 14th, DOP recently obtained official product approval for ESSALIA from the Singapore Health Sciences Authority (HSA). This signifies that the product’s quality and safety have been recognized in Singapore, which is regarded as a medical hub in Asia.

Shin Yong-woo, CEO of Dope, explained, “We went through the approval process in Singapore after signing a preliminary agreement with a local partner,” adding, “We began exports immediately upon approval, and actual sales are already being generated.”

He continued, “This marks Esalia’s first entry into an overseas market,” adding, “Using this as a springboard, we plan to rapidly pursue regulatory approvals and expand our distribution network in collaboration with local distributors in Thailand, Malaysia, and Vietnam.”

Southeast Asia is a region where “K-Beauty” enjoys high popularity and the aesthetic medicine market is growing rapidly. HSA approval, which is granted based on strict evaluation criteria, serves as a valuable asset in the licensing review processes of neighboring ASEAN countries. DOP’s strategy is to expand its reach across the entire Southeast Asian aesthetic medicine market by establishing a cooperative network with local specialized distributors.

Behind Esalia’s early success in both domestic and international markets lies DOPH’s unparalleled tissue processing technology. DOP was the first in the world to commercialize a supercritical carbon dioxide (SC-CO₂) based decellularization process. Unlike conventional methods using chemical surfactants, this process fully preserves the three-dimensional structure and biological components of human tissue. It minimizes the loss of collagen and extracellular matrix (ECM) while removing impurities, thereby reducing the risk of immune reactions.

The formulation, designed to maximize user convenience, is another key differentiator. Conventional powder-based skin boosters required a pre-hydration process—mixing with saline solution—prior to administration. This process was time-consuming and prone to clumping.

In contrast, Esalia is a ready-to-use (RTU) injectable formulation produced in a pre-hydrated state. It utilizes proprietary nano-dispersion technology to achieve uniform, fine particles. Healthcare professionals can administer it precisely using a 27-gauge (G) micro-needle without any separate preparation steps.

It can be applied to a wide range of indications, including fine lines around the eyes, restoration of lost facial volume, deep nasolabial folds, and even acne scar repair. The human tissue-derived components settle into the dermis, inducing natural autologous tissue regeneration.

Strong Domestic and International Sales Drive Steep Improvement in Performance Metrics

Thanks to strong domestic and international sales, DOP’s performance metrics are improving sharply. In the domestic market, the company signed an exclusive distribution agreement with #Baime, which has established a sales network with its skin booster “Juvelook,” thereby boosting its market share. Domestic sales alone, tallied through last month, exceeded 4.5 billion won, and when combined with shipments to Singapore and additional orders, DOP’s annual revenue in the aesthetic medicine sector is projected to exceed 7 billion won this year.

Dop’s expansion into the Middle East market is also proceeding smoothly. Last month, Dop signed an exclusive supply agreement with Soluem Healthcare covering seven Middle Eastern countries, including the six Gulf Cooperation Council (GCC) nations—such as the United Arab Emirates (UAE) and Saudi Arabia—as well as Egypt. According to Market Data Forecast, the regenerative medicine market in the Middle East and Africa is projected to grow at an average annual rate of 23.2%, expanding from approximately $4.65 billion (about 6.2277 trillion won) in 2025 to approximately $30.31 billion (about 40.5942 trillion won) in 2034. The company plans to launch its supply chain after completing the local regulatory approval process.

CEO Shin predicted, “Combined with our existing human tissue graft business, we should have no trouble achieving total revenue of 27 billion won this year.” DOP’s annual revenue surged from 1.5 billion won in 2022 to over 20 billion won last year.

Building on this rapid revenue growth, DOP is moving full steam ahead with its initial public offering (IPO) process. The company has been preparing for a KOSDAQ listing under the technology exception category in collaboration with its lead underwriter, Mirae Asset Securities. It has already successfully completed a preliminary technology evaluation by a specialized assessment agency, demonstrating its unparalleled technological capabilities.

DOP’s enterprise value, currently estimated in the over-the-counter market, stands at approximately 130 billion won as of the end of 2024. Even as listing review standards for biotech companies have become stricter, DOP is expected to easily clear the preliminary listing review threshold thanks to its profitable structure and explosive revenue growth.

The company is also working in parallel to establish a global value chain for regenerative medicine. DOP has successively signed Letters of Intent (LOIs) with leading international tissue banks, including the U.S. nonprofit human tissue bank MTF Biologics, Australia’s Osbiotech, and the Netherlands’ Vis Life. By completing a business model that spans from raw material procurement to finished product processing and royalty collection, the company is aiming to achieve annual sales of 40 billion won next year.

A DOP official emphasized, “This product approval in Singapore is a symbolic achievement demonstrating Esalia’s expansion into overseas markets,” adding, “We will invest the proceeds from the public offering into upgrading our Good Manufacturing Practice (GMP) facilities to leap forward as a global leader in regenerative and aesthetic medicine.”