Ubix Therapeutics, a company developing new drugs based on targeted protein degradation (TPD) technology, has successfully completed a technical evaluation and is now accelerating its initial public offering (IPO).

Ubix Therapeutics received A ratings from both Ecredible, a specialized evaluation agency designated by the Korea Exchange, and KoDATA, securing the eligibility to apply for preliminary review for listing on the Kosdaq market. The company plans to initiate the preliminary review process in the second half of 2025, with the goal of listing in 2026. Daishin Securities serves as the lead manager.

Founded in 2018, Ubix Therapeutics has built a diverse pipeline based on its proprietary TPD platform technology. UBX-303, the first TPD clinical trial candidate among Korean companies, is undergoing clinical trials. The company has also been collaborating with SK Biopharm since its fourth year of operation on joint research (UBX-106) in the preclinical stage. Last year, the company received an upfront payment of 5 billion won ($3.6 million) from Yuhan Corp. for licensing out (L/O) UBX-103, a prostate cancer treatment candidate.

The lead pipeline, UBX-303-1, is undergoing phase 1 clinical trials in the United States and Korea for patients with relapsed or refractory B-cell lymphoma. Additionally, in February, the company signed a joint research agreement with Y-Biologics to develop a degradable antibody conjugate (DAC) new drug, marking its expansion into new modalities.

Ubix Therapeutics CEO Seo Bo-kwang holds a bachelor's degree in microbiology and a master's degree in immunology from Seoul National University, as well as an MBA from Sungkyunkwan University. He previously served as R&D planning team leader at JW Pharmaceutical, business development director at Genexine, and planning team leader at SK Telecom's In Vitro Diagnostics Business Division. He later founded healthcare investment firm Lifecore Partners, gaining experience in both the pharmaceutical and investment industries.

The company previously secured 25.7 billion won in pre-IPO funding, bringing its total funding to 67.4 billion won. As of December 2023, CEO Seo holds a 32.97 percent stake, making him the largest shareholder. Several Korean investor companies, including Premier Partners, Atinum Investment, Mirae Asset Venture Investment, and Quad Asset Management, participated in the investment.

The following is a Q&A with CEO Seo.

Question: What are your plans to reduce operating losses and improve profitability?

Answer: We will focus on achieving results through the global transfer of our main pipelines in technology. In particular, if UBX-303-1, currently in the clinical stage, and UBX-106, considered a first-in-class compound, are transferred, significant technology fee revenues are anticipated. Additionally, UBX-103, which has already been transferred to Yuhan Corp., may receive development milestone payments. If a re-licensing agreement is concluded with a global company, substantial revenue sharing is also expected.

Q: What is the current status of UBX-303, which is in clinical trials, and what is the commercialization strategy?

A: We are currently evaluating the safety and tolerability of UBX-303-1 in a phase 1a dose-escalation trial. Meaningful absorption rates, tolerability, and target degradation have already been confirmed in the initial dose group. Patient recruitment and administration are being conducted while the dose is gradually increased. Discussions with global pharmaceutical companies have been ongoing since the preclinical stage, and several companies are closely monitoring the results of the phase 1a trial. If tolerability and anticancer efficacy are confirmed, technology transfer discussions will be formalized.

Q: What is the current status of the pipeline being jointly researched with Yuhan Corp. and SK biopharmaceuticals?

A: UBX-103, a prostate cancer treatment candidate technology transferred to Yuhan Corp., is currently undergoing an IND-enabling study led by Yuhan Corp. and is progressing smoothly. It is expected to enter clinical trials next year. UBX-106, developed through joint research with SK Biopharm, recently finalized its development candidate and has entered the preclinical stage.

Q: What are the key areas of focus during the preliminary review process?

A: We plan to respond thoroughly by demonstrating our R&D and commercialization capabilities based on our superior technology, marketability, and management stability.

Q: What are the plans for utilizing the proceeds from the IPO?

A: We plan to focus investments on the clinical trials of UBX-303-1 and the research and development of UBX-106 and other pipeline candidates. This will lay the foundation for us to emerge as a global TPD therapeutic company.