Curiox Surges on FTSE Inclusion Hopes...ABPRO Bio Hits Daily Limit Rally [K-Bio Pulse]

This article was released as Pharm Edaily Premium Content on March 18, 2026, at 8:00 AM.

[Song Young Doo, Edaily Reporter] Curiox Biosystems surged on expectations of potential inclusion in a global stock index and prospects for expanded collaboration with global pharmaceutical companies. Meanwhile, ABPRO Bio attracted strong investor interest following news of a management control change, despite concerns about its capital impairment.

Curiox Biosystems stock trend.(Source=MP DOCTOR)

According to MP DOCTOR(formerly MarketPoint) operated by KG Zeroin on March 17, shares of Curiox Biosystems rose 28.02% to 115,600 won. Market participants cited expectations of inclusion in a global index and the possibility of expanded partnerships with major pharmaceutical companies as key drivers behind the rally.

The company, however, stated that there has been no officially announced event. “There is no specific update we have provided to the market,” a Curiox official said. “The market seems to be focusing mainly on the potential index inclusion issue.”

Curiox has recently been mentioned as a potential candidate for inclusion in the FTSE index. The FTSE Global Equity Index Series(GEIS), calculated by the London Stock Exchange Group, is widely used by global institutional investors as a benchmark. It divides global equity markets by country and serves as a reference for passive funds managed by pension funds and asset managers.

If a company is included in the FTSE index, passive funds tracking the index automatically purchase the stock according to its weighting. As a result, confirmed inclusion often leads to inflows of foreign capital. Market estimates suggest that assets linked to FTSE-related passive funds amount to hundreds of billions of dollars, meaning expectations alone can move stock prices even before official inclusion.

In addition to index inclusion expectations, Curiox’s core laboratory equipment has been drawing attention as a potential supply candidate for global pharmaceutical companies. The company develops automated systems for cell analysis experiments.

Flow cytometry, a widely used technique in immunology research and cell therapy development, analyzes cellular characteristics and immune responses. This technology is widely used in research laboratories at pharmaceutical and biotech companies worldwide.

During these experiments, cells must go through repeated washing and separation steps. Traditionally, researchers perform these processes manually using centrifugation, which can be time-consuming and may damage cells.

Curiox developed automated equipment to address this issue. Its core technology, the Laminar Wash platform, utilizes microfluidic laminar flow principles. Unlike centrifugation, which spins cells at high speeds, the system washes cells using gentle fluid flow, reducing cell damage.

The automated process also minimizes variations between researchers, improving experimental reproducibility. Additionally, the system can process multiple samples simultaneously, making it suitable for large-scale experiments often required in global pharmaceutical research labs.

Demand for automated cell analysis equipment has been increasing among pharmaceutical research labs, CROs, and biotech institutions worldwide. Curiox also noted that research related to technology standardization has recently begun.

“We recently started key experiments related to standardization research,” a company official said. “Actual cell experiments using our equipment are underway and will continue for several months.”

From a business perspective, expanding collaborations with global pharmaceutical companies is another key factor. Curiox is reportedly discussing protocol code licensing agreements with multiple global biopharmaceutical companies.

Unlike traditional equipment sales, code licensing provides experimental protocols and software usage rights associated with Curiox’s systems. According to the company, once adopted in a single research lab, the technology could expand across the entire research network of a pharmaceutical company.

However, the company emphasized that such agreements are not structured like large upfront licensing deals.

“Even if the agreement is signed, it does not immediately generate hundreds of millions of dollars in licensing revenue,” a company official said. “Instead, revenue grows gradually as the equipment is adopted more widely within the organization.”

ABPRO Bio hits daily limit amid management change, but financial risks remain

Shares of ABPRO Bio closed at 2,415 won, up 29.91% from the previous day, hitting the daily upper limit. The surge followed recent disclosures related to a management control change and capital restructuring.

According to filings with the Financial Supervisory Service’s DART system, ABPRO Bio signed an agreement to transfer management control. The current largest shareholder, Polymath Investment Partnership, agreed to transfer control through a new share issuance. Once the payment for the new shares is completed on March 31, Returns is expected to become the largest shareholder.

Returns plans to acquire 4.1 million newly issued shares through a 4 billion won third-party allotment capital increase. On the same day as the payment, a regular shareholders’ meeting will be held to approve board appointments and amendments to the articles of incorporation related to the management change.

Following the disclosure, ABPRO Bio has shown strong gains for three consecutive trading sessions. Returns is a newly established company founded about six months ago and operates in wholesale and retail. As of the third quarter of last year, its total assets were about 67 million won.

Questions have been raised regarding the size and business structure of the new controlling shareholder. Despite having relatively small assets, Returns is reportedly securing approximately 4 billion won in funding through external borrowing to participate in the deal, raising questions about the source of funds.

ABPRO Bio is also facing increasing financial risks. The company reported a capital impairment ratio of 61.8% at the end of last year, up significantly from 24.1% a year earlier. Under KOSDAQ regulations, a capital impairment ratio exceeding 50% may trigger designation as a managed stock.

Its ratio of pre-tax loss to equity also reached 93.6%. If such losses exceed 50% of equity in two out of the past three fiscal years, the company may also be subject to managed stock designation.

Market participants are now focusing on whether the management change will lead to meaningful business restructuring or remain a temporary funding measure. Whether external capital inflows can stabilize the company’s financial structure and whether strategic changes will emerge under the new controlling shareholder are expected to be key factors influencing the stock’s future performance.

송영두 (songzio@edaily.co.kr)