Oncocross is on an upward trend in the early trading session on the 18th, the first day of its listing on the KOSDAQ.
As of 9:06 a.m. on the same day, Oncocross is trading at 13,690 won, up 6,390 won (87.53%) from the offering price of 7,300 won.
Oncocross, an artificial intelligence (AI) drug development corporation, recorded a competition rate of 635 to 1 in a demand forecast conducted for institutional investors from the 27th of last month to the 3rd of this month. A total of 1,407 domestic and foreign institutions participated. The offering price was set at 7,300 won, 28% lower than the lower end of the expected range (10,100 to 12,300 won).
In the subscription for public offerings for general investors held from the 9th to the 10th of this month, the competition rate was 1,313 to 1. A margin of 1.7048 trillion won was collected for subscriptions.
Oncocross provides services that derive and expand new indications for drugs through its self-developed AI platform, 'Raptor AI.' The funds secured from this public offering will be used for ▲ the advancement of the Raptor AI platform ▲ the development of a new AI platform, 'OncoFind AI' ▲ the internalization of sequencing equipment to shorten analysis periods ▲ joint research and development with domestic and foreign partner pharmaceutical companies.
Kim I-rang, CEO of Oncocross, noted, 'With this listing as an opportunity, we aim to enter a broader market and become a leading AI platform corporation in the global market.'