Inscobee’s U.S. subsidiary, Apimeds Pharmaceuticals US Inc. (APUS), has secured approval from the New York Stock Exchange (NYSE) to proceed with its listing, marking a pivotal step in the Kospi-listed company's push into the American market.
Inscobee is a Kospi-listed company specializing in biotech, smart grid, communications, and retail.
Since September of last year, APUS has been navigating the U.S. regulatory process, revising its preliminary prospectus (S-1/A) multiple times while collaborating with both the NYSE and the Financial Industry Regulatory Authority (FINRA). The company has now met the final listing requirements.
“We’re moving quickly now,” said an Inscobee official. “We plan to submit the final application, Form 8-A, and complete the remaining procedures to ensure we’re ready for trading.”
The official noted that while the company is pushing to ensure trading begins as soon as possible, it remains too early to predict an exact launch date or provide details about the public offering process.
Last year, Inscobee made a strategic move to meet public float requirements, selling a portion of its APUS shares for 7.8 billion won ($5.36 million). With NYSE American’s green light, APUS will begin a roadshow on Tuesday to raise over $18 million through the issuance of 4.5 million new shares, priced between $4 and $5 per share.
The IPO is expected to close by the end of February, with APUS targeting a market valuation between 80 billion and 100 billion won.
Established in May 2020 and based in Matawan, New Jersey, APUS is focused on introducing Apitox (honeybee toxin)—originally an osteoarthritis treatment licensed from Apimeds Korea—to the U.S. market.
In a prior phase 3 trial for knee osteoarthritis, approximately 330 patients were treated, demonstrating both clinical efficacy and safety in a U.S. population. A follow-up FDA meeting in 2018 confirmed the need for a second confirmatory phase 3 trial for Apitox, specifically targeting multiple sclerosis.
Proceeds from the listing will fund phase 3 FDA clinical trials for multiple sclerosis and severe osteoarthritis. “If all goes as planned, APUS will be the first Korea-founded company designed specifically for FDA phase 3 trials to list on the NYSE,” the Inscobee official noted. “This is a critical moment for us. 2025 will be the year we take Inscobee’s biotech business global.”