Incon has embarked on 2022 IPO process for its U.S. biotech subsidiary ImmunoMet Therapeutic in Korea.
The process will be managed by Mirae Asset Daewoo and KB Investment & Securities.
ImmunoMet is a clinical stage biotech targeting cellular metabolism to develop novel anti-tumor therapies. Its key pipeline IM156 has a mechanism of action to target a pathway in mitochondria and decrease the energy supply of resistant cancer cells. It is the first potent PC1 inhibitor to complete a Phase 1 study and the company anticipates initiating Phase 2 studies in the U.S. next year. Phase 1 study results presented at the ASCO 2020 virtual annual meeting drew attention from the medical community for the drug’s good tolerability, according to the company.
ImmunoMet was founded in 2015 as a spin-off from Korean biotech company HanAll Biopharma was later acquired by Incon.
Incon shares fell 3.76 percent to finish at 2,690 won ($2.35) on Wednesday.
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