ENCell, a cell and gene therapy (CGT) contract manufacturing organization (CDMO) and drug development company, said Friday that it has submitted a securities report to the Financial Services Commission for listing on the Kosdaq market, entering the listing process in earnest.

The total number of shares to be offered is 1,566,800, with an offering band of 13,600 to 15,300 won ($0.99 to $1.11). The offering size is expected to be between 21.3 billion won and 24 billion won.

The demand forecast for institutional investors, which will determine the final offering price, will be held for five business days from June 17 to 21, and the subscription for general investors will be held on June 25 and 26. NH Investment & Securities is the lead listing agent.

Founded in 2018 by Professor Chang Jong-wook of Samsung Medical Center, ENCell is engaged in the CDMO business of cell and gene therapy products and the development of next-generation mesenchymal stem cell therapy (EN001) for rare and difficult muscle diseases, such as Charcot-Marie-Tooth disease (CMT), Duchenne muscular dystrophy (DMD), and sarcopenia.

"We plan to expand the development of next-generation mesenchymal stem cell therapies for rare and difficult diseases based on a stable profit structure through the CDMO business," CEO Chang said.

Chang also expressed his ambition to contribute to revitalizing Korea’s high-technology biopharmaceutical market by leading the localization of cell and gene therapies.