Biotech firms aim for Kosdaq listing amid challenging market conditions

As 2025 begins, numerous biotech companies are preparing to leverage the special technology listing system to enter the Kosdaq market. Despite economic uncertainties and weakened investor sentiment, these companies are pressing forward, highlighting the sector's resilience and commitment to innovation.

As of Friday, 12 biotech companies have submitted preliminary review applications since July last year, including Organoid Sciences, Rokit Healthcare, Orum Therapeutics, GFC Life Sciences, Proteina, GC Genome, Genesco, Remedi Healthcare, Immuneoncia, Intocell, Redniva, and Amtyx Bio.

Among these, Organoid Sciences and Rokit Healthcare have already received preliminary approval and are expected to complete their listings this year.

Organoid Sciences, established in 2018, specializes in developing drug discovery platforms based on organoid technology, which involves cultivating stem cells into organ-like structures. The company has shown impressive growth, with revenues jumping from 300 million won ($204,345) in 2021 to 1.6 billion won in the following year, though it continues to operate at a loss with an operating deficit of 9.3 billion won. The company plans to list 6.49 million shares, including 1.2 million new shares through the public offering.

Rokit Healthcare, an AI-powered regenerative medicine company, has developed commercialized solutions for diabetic foot treatment and skin regeneration. The company had previously established a partnership with Kangstem Biotech in 2022 for joint research and development of next-generation cell therapies and organoids.

Orum Therapeutics is particularly noteworthy as it prepares for its second attempt at an IPO. Founded in 2016 by Lee Sung-joo, the company possesses innovative DAC technology that combines targeted protein degraders (TPD) with antibody-drug conjugates (ADC).

After withdrawing its initial listing attempt due to weak market conditions in November of last year, the company has adjusted its offering size from 3 million to 2.5 million shares and lowered its target price band by approximately 20 percent to 24,000 won-30,000 won.

Orum has already achieved significant milestones, securing two major technology transfer deals with global pharmaceutical companies. In November 2023, it licensed out its acute myeloid leukemia (AML) treatment candidate to Bristol Myers Squibb in a deal worth $180 million, followed by a TPD platform technology transfer agreement with Vertex Pharmaceuticals in July 2024.

Immuneoncia, a subsidiary of Yuhan Corp., is also preparing for its IPO after filing its application last October. This immunotherapy-focused biotech previously licensed its CD47-targeting antibody candidate, IMC-002, to China's 3D Medicines.

GC Genome, a genetic analysis subsidiary of the Green Cross Group, has also filed for preliminary review with plans to list 22.5 million shares, including 2.94 million new shares. The company leads the local market in non-invasive prenatal testing and genetic testing for cancer and rare diseases, serving approximately 900 medical institutions and providing over 300 molecular diagnostic services. Its global presence extends to 19 countries across the U.S., Europe, the Middle East, and Asia-Pacific regions.

Intocell, which filed its preliminary review application in August, has garnered attention for its proprietary ADC linker platform OPAS. The company was founded in 2015 by Park Tae-kyo, a co-founder of Legochem Biosciences and an MIT chemistry Ph.D. graduate.

The company has already secured a technology transfer deal with Switzerland's ADC Therapeutics and was selected as Samsung Bioepis's first local new drug development partner.

Xenosco, which filed for preliminary review in October, has achieved a notable distinction as the only new drug development company to receive the highest grade (AA-AA) in technology evaluation. The company is known for developing Leclaza, Korea's 31st novel drug, and the first locally-developed cancer drug to receive FDA approval.

Proteina, founded in 2015 by CEO Yoon Tae-young, submitted a preliminary review application for a Kosdaq listing to the Korea Exchange on Dec. 9.

The company is a faculty startup from the Korea Advanced Institute of Science and Technology (KAIST). The company has developed a proprietary SPID (Single molecule Protein Detection) platform, enabling big data analysis of protein-protein interactions (PPI) through hardware and software innovations.

Remedi, a specialist in radiological medical devices, has filed a preliminary review application for its Kosdaq listing, marking its renewed attempt at an initial public offering (IPO).

Founded in 2012, Remedi produces medical radiographic imaging devices using ultra-compact radiation tubes. Its flagship product, REMEX, minimizes radiation exposure and enables easy imaging of chest conditions like pneumonia. Compared to competing products, REMEX is one-tenth the size and weight, significantly enhancing convenience.

Redniva, led by CEO Lee Hoon-mo, submitted a preliminary review application for a Kosdaq listing to the Korea Exchange on Aug. 20 of last year.

The company is a joint venture between Dong-A ST and BioEnbia, RedEnbia specializes in cardiovascular diseases and focuses on developing new drugs through a drug repurposing strategy.

Established in 2018, the company’s lead pipeline candidate is "RNV-1001," a project to repurpose Dong-A ST's diabetes treatment Suganon (ingredient: evogliptin) as a treatment for calcific aortic valve disease (CAVD). The drug is currently undergoing global phase 2/3 clinical trials.

Amtyx Bio, led by CEO Lee Jong-seung, submitted a preliminary review application for a Kosdaq listing to the Korea Exchange in July of last year.

Amtyx Bio is a specialized drug development company focusing on treatments for microbial infectious diseases and inflammatory conditions. The company possesses comprehensive capabilities, ranging from target discovery and new drug synthesis to drug delivery.

Its flagship antifungal pipeline, ATB1651, a treatment for onychomycosis (nail fungus), demonstrated safety and tolerability in phase 1 clinical trials.

However, market observers note some concerns about the IPO environment.

"The local and international economic uncertainties, rising exchange rates, and interest rates have created unfavorable conditions,” a biotech industry official told Korea Biomedical Review. “Additionally, while many companies have previously listed with high expectations for drug development, the lack of significant achievements has led to increased aversion towards biotech companies.”