GI Innovation announced Thursday that it has filed a preliminary application to list on the Kosdaq secondary market.
The main organizers are NH Investment & Securities and Hana Financial Investment, and the associated listed organizer is Samsung Securities.
The company pointed out that the application and review will take place under a special Unicorn listing procedure for companies with excellent market valuations.
To be eligible for the Unicorn Special List, the applicant company’s expected market capitalization must be greater than 500 billion won ($420 million) on the Kosdaq market, and the company must receive an A rating of at least one of rating agencies.
GI Innovation said the company will take steps for its initial public offering (IPO) in the second half.
“Currently, GI Innovation’s main pipelines GI-101 and GI-301 are cruising,” said Rhee Byung-geon, CEO of GI Innovation. “For GI Innovation’s successful IPO and growth into a global company, it plans to focus on the 3S – science, strategy and speed.”
GI Innovation has entered into two licensing agreements for the preclinical stage products. The company licensed immunotherapy candidate GI-101 to Simcere Pharmaceutical Group, a Chinese pharmaceutical company, in 2019 for up to $750 million, and its anti-allergy candidate GI-301, to Yuhan Corp. for a maximum. of $1.2 billion.
A phase 1 and 2 study of GI-101 is underway in Korea and the United States, and a phase 1 study of GI-301 in Korea.
GI Innovation has signed a joint clinical trial agreement with MSD and AstraZeneca to supply Keytruda (MSD) and Imfinzi (AstraZeneca) for combination therapy with GI-101.
The company will obtain preliminary results from the Phase 1 and 2 studies of GI-101 as monotherapy and in combination with Keytruda by the end of this year. In addition, the preliminary results of phase 1 of the GI-301 will also be published by the end of the year.
The company plans to develop the next pipelines, such as a new immunotherapy project and a metabolic disease project.