Ingenia Therapeutics, a Boston-based Korean biotech company, announced Wednesday that it has passed the technology evaluation required for a special tech-based listing on KOSDAQ.
The company received 'A' grades from both professional evaluation agencies designated by the Korea Exchange, qualifying it for the special technology listing. Together with lead manager Samsung Securities, Ingenia aims to list on KOSDAQ in summer next year and will begin follow-up procedures including the preliminary review application.
If Ingenia lists on KOSDAQ, it is expected to present a new model of "K-Bio reverse entry"—where Korean original technology establishes itself in Boston, the global hub for new drug development, before listing back in Korea.
Founded in Boston in 2018 based on Korean original technology, Ingenia is a clinical-stage antibody-focused biotech company that discovers and develops new drug candidates based on microvascular protection and recovery technology. Founder and CEO Han Sang-yeol is an antibody R&D specialist who previously worked at Samsung Advanced Institute of Technology, the Institute for Basic Science (IBS), Harvard Medical School, and U.S. biotech companies. The core team also includes multinational researchers with experience leading new drug development at global pharmaceutical giants including Eli Lilly, Pfizer, and GlaxoSmithKline (GSK).
Ingenia possesses platform technology that normalizes blood vessels by reducing inflammation and leakage in microvascular endothelial cells. In 2022, the company validated its technology by out-licensing its lead candidate 'IGT 427' to a major pharmaceutical company in a deal valued at over 1 trillion won ($740 million). As a result, the company recorded its first profit since founding last year.
"Early results from the ongoing Phase 1/2a clinical trial for ophthalmic conditions including diabetic macular edema and wet age-related macular degeneration, led by our partner, have confirmed encouraging safety and efficacy," an Ingenia official said. "We plan to enter Phase 2b/3 trials next year."
The clinical results were presented as a key case study at the American Academy of Ophthalmology (AAO) annual meeting held in Orlando in October.
Ingenia is also independently developing another compound, 'IGT 303,' as a treatment for kidney disease. After receiving Phase 1/2a approval in Australia and New Zealand, the company began dosing its first patient last month and plans to secure key data by the second half of next year before pursuing global late-stage clinical trials.
The company explained that it has expanded indications to chronic and inflammatory diseases where vascular barrier breakdown is a core pathological mechanism, beyond ophthalmic and kidney diseases, and has secured multiple drug candidates using its proprietary platform technology.
"We are very pleased to have our technology and business potential recognized by achieving A, A grades in this technology evaluation," CEO Han said. "We will use the funds raised through the listing for platform advancement, accelerating follow-up pipeline development, and recruiting global key talent to create a global blockbuster drug from technology that originated in Korea."