GLP

About GLP

CentralBio is a South Korean non-clinical contract research organization (CRO) that provides safety and efficacy evaluation services. Founded in August 2016 by CEO Min Kwon, the company specializes in non-clinical trials for a diverse range of products including pharmaceuticals, health functional foods, cosmetics, chemical substances, and crop protection agents. Min Kwon previously co-founded AB Solution, a pesticide testing agency, in 2013. CentralBio was established to conduct GLP (Good Laboratory Practice) and other research testing.

The company operates as a B2B service provider, catering to pharmaceutical, biotech, and chemical companies that need to conduct safety and efficacy assessments for their products before human clinical trials. Its business model is based on providing commissioned testing services, which became increasingly crucial following the 2018 implementation of the Act on the Registration and Evaluation of Chemical Substances (K-REACH) in South Korea, mandating safety evaluations for all new chemical substances. CentralBio offers a comprehensive suite of services, including chemical hazard assessments, toxicity tests, and bioanalysis of clinical and non-clinical samples through its specialized "CentralLab". The company has secured numerous GLP certifications from regulatory bodies such as the Ministry of Food and Drug Safety and the Ministry of Environment.

Financially, CentralBio has demonstrated consistent growth, reporting revenues of KRW 9.9 billion in 2021. The company has successfully raised capital through venture funding, including a Series B round of KRW 11.2 billion in July 2022 from investors like Behigh Investment and IBK Capital to expand its facilities and operations. With its headquarters and advanced testing facilities located in Incheon, CentralBio planned an initial public offering (IPO) on the KOSDAQ market.