Samchundang Pharmaceutical (000250.KQ) held an emergency press briefing on Tuesday that was intended to dispel mounting suspicions, but the appearance of an outsider — Seok Sang-je, CEO of Dios Pharma — fielding questions on behalf of the company only fueled further controversy.
When reporters pressed Jeon In-seok, CEO of Samchundang Pharmaceutical, with questions about the company's oral Wegovy (active ingredient semaglutide) at the briefing held at the company's headquarters on Tuesday, Jeon handed the microphone to Seok, saying, "There are parts I cannot explain smoothly." Seok then briefed reporters on the patent status, clinical progress and business development status of Samchundang's key pipeline products, including oral Wegovy and oral insulin.
Seok is the CEO of Dios Pharma, a business partner of Samchundang Pharmaceutical for its non-invasive blood glucose monitoring device. In 2018, Samchundang introduced Dios Pharma's non-invasive blood glucose monitor alongside its oral insulin project. At the time, Samchundang said the deal was "a contract that requires the product to be commercialized in the global market, with domestic exclusive distribution rights and European sales revenue sharing both included." Eight years later, however, only a prototype has been completed. Notably, Seok is not listed on the executive roster in Samchundang's business report.
When reporters asked Seok to provide his name and title, he left the room without answering. Yang Byeong-yeol, director of strategic planning at Samchundang Pharmaceutical, responded to follow-up questions by asking reporters to identify Seok as "a Samchundang Pharmaceutical associate," describing him as "a technician and business development expert." When reporters asked, "Should we consider the content he explained as non-existent?" Yang replied it was "a matter of personal privacy," adding that "in the past, after his identity was disclosed, the company received numerous phone calls and emails."
Industry observers speculate that Seok has played a role in securing overseas contracts for Samchundang Pharmaceutical. Seok previously appeared at Samchundang's investor relations presentation in 2021, also raising questions at that time.
Dios Pharma is a medical institution consulting firm established in 2008. Seok has served as its CEO since 2010. The company's business areas include consulting on pharmaceuticals, medical devices and cosmetics distribution, as well as medical device development, manufacturing and distribution, and bio-product development, manufacturing and wholesale/retail sales.
"The CEO himself came forward to a press briefing to clear suspicions, but the very idea of having a third party who is not a company executive or employee try to extinguish the controversy is baffling," an industry official said. "Ultimately, this briefing will not resolve the suspicions but only amplify them."
