TissueGene Inc., the biopharmaceutical unit of South Korean conglomerate Kolon Group, is slated to go public on Korea’s secondary Kosdaq market in September with an aim to raise up to 300 billion won ($260.9 million).
According to Korea Exchange on Monday, the U.S.-based subsidiary filed for a preliminary review on June 15 on its plan of initial public offering in 1.5 million shares. The company would be listing 10,557,367 shares in September. It hopes to raise 200 billion won to 300 billion from the IPO.
Market experts believe TissueGene’s market value could top 2 trillion won as it is expected to gain the go-ahead from Korean authorities to sell Invossa, its cell therapy treatment for degenerative arthritis.
The Korean Food and Drugs Administration plans to deliver its result this week after a year-long review.
TissueGene is a Maryland-based biopharmaceutical company founded in 1999 by Kolon Group Chairman Lee Woong-yeul and has the proprietary rights over the world’s first cell and gene therapy for degenerative arthritis in Europe and the United States. Invossa is currently in its Phase 3 clinical trial in the U.S. and could be available in the market in 2021.
By Song Gwang-sup
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