Onconic Therapeutics, a new drug developer affiliated with Jeil Pharmaceutical, has passed the technical evaluation and will begin the listing process on the Kosdaq market in earnest.
Market insiders see whether the company can strengthen its R&D capabilities by raising funds through the listing.
Onconic Therapeutics said Thursday that it has passed the technical assessment for a special listing on the tech-heavy secondary stock market. NICE Information Service and the Korea Invention Promotion Association gave the evaluation grades of “A” and “BBB.” To be eligible for a special listing on the Kosdaq, a company must receive a grade of A and BBB or higher from two specialized rating agencies designated by the Korea Exchange.
Onconic Therapeutics plans to apply for the preliminary review of Kosdaq within the year. NH Investment & Securities is the lead agent. Onconic Therapeutics has the backing of its parent company, Jeil Pharm, and bio-specialized investment venture capital firms and major state-owned banks. In 2022, the company secured a series B investment of 26 billion won ($19.3 million), bringing its cumulative investment funding to 56 billion won.
In March 2023, Onconic Therapeutics signed a technology transfer agreement with Chinese pharmaceutical company Livzon Pharmaceutical Group for a P-CAB-based new drug, zastaprazan (JP-1366), valued at $127.5 million. Onconic Therapeutics has completed the phase 3 clinical trial of zastaprazan in Korea and has applied for approval from the Ministry of Food and Drug Safety.
Onconic Therapeutics' main pipeline includes zastaprazan (OCN-101/JP-1366) and Nesuparib (OCN-201/JPI-547), a dual PARP/Tankyrase inhibitor. The company is also researching many other anticancer candidates. Through listing on Kosdaq, Onconic Therapeutics plans to expand the indications of zastaprazan and nesuparib and continue to invest in new pipelines.
"This is a meaningful result that recognizes us as a company with sustainable growth based on our R&D technology and various achievements," CEO Kim John said. "We will accelerate preparations for listing on the Kosdaq market further to enhance the confidence of the domestic bio-industry."