The shares prices of Psomagen, a U.S.-based company specializing in genome sequencing technology, jumped on Monday, the first day the firm went public on the tech-heavy Kosdaq market.
The stock price was up 29.61 percent to trade at 15,100 won ($12.59) as of 1:50 p.m.
At the beginning of the morning trade, Psomagen shares slid to 10,950 won, below the 11,000 won IPO price, but later rebounded by a nearly daily maximum of 30 percent.
On July 1, Psomagen said it obtained the FDA’s Emergency Use Authorization for its laboratory-developed test (LDT) service for Covid-19.
LDT refers to a testing service developed at a lab certified with the Clinical Laboratory Improvement Amendments (CLIA).
Psomagen reportedly plans to provide its Psoma Covid-19 RT Test for large hospitals in Washington, D.C., including the Johns Hopkins Hospital.
Established in 2004 as a U.S. subsidiary of South Korean biotech firm Macrogen, Psomagen is the first non-Korean company to win approval for listing on the Korean bourse under the technology exception policy. The policy makes listing easier for companies with exceptional technologies.
In March, the Korea Exchange’s Kosdaq Market Division decided to allow Psomagen to use the technology exception policy to go public.
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