Toolgen said Thursday that it would become a global leader in gene editing platforms and gene and cell therapy products based on its superior technology after joining the secondary Kosdaq market.
The company, now traded on the smaller Konex market, seeks to move to the bigger Kosdaq market by offering 1 million shares to investors. With an indicative price band set at 100,000 won to 120,000 won ($84-100), it can raise to 120 billion won from the IPO, set for early December, according to Toogen.
Its book building to fix an initial public offering price is set on Nov. 30, and retail subscription from Dec. 2-3.
This is the fourth time Toolgen has tried to move to the Kosdaq market. The company tried to go public in 2015 and 2016 but failed to get approval from regulators. In 2018, it withdrew from the listing as it had a dispute over acquiring the original technology patent for gene editing.
The company plans to spend the raised fund for CRISPR patent competitiveness enhancement, R&D-related clinical and facility investment, and operating funds. It plans to solidify its CRISPR patent competitiveness by actively investing in R&D, clinical trials, introducing advanced facilities, recruiting excellent researchers, and rapidly conducting clinical trials for the global market.
Toolgen is conducting a patent monetization business through patent self-licensing based on a gene-editing platform.
The company has secured stable profits by signing 18 technology transfer contracts with Korean and foreign companies, including Bayer, Thermo Fisher, and KeyGene.
Toolgen also plans to speed up the research and development of gene and cell therapy products based on gene-editing technology.
The company's pipelines include TGT-001 (Charcot-Maritus disease treatment), TG-LBP (hemophilia treatment), TG-wAMD (wet macular degeneration treatment), and next-generation CAR-T cell therapy.
Among them, the company will begin the phase 1 clinical trial of its next-generation CAR-T treatment. targeting solid cancer in the U.S in 2022 through joint research and development with CARTherics, an Australian company specializing in cell therapy."
TGT-001 and TG-wAMD will also enter the preclinical trial stage this year to conduct efficacy and toxicity tests. The company plans to complete an investigational new drug application by the end of 2022 or 2023 and carry out a phase 1 clinical trial in the U.S after approval.
"The company has established a patent monetization business of the gene-editing platform and is transforming itself into a company specializing in the gene and cell therapy R&D and green bio using gene-editing technology," Toolgen CO-CEO Kim Young-ho said. "We will further strengthen our leadership position in gene editing and focus more on developing innovative technologies to contribute to improving human health, welfare, and quality of life."