Onconic Therapeutics, a company specializing in research and development of new drugs, is rising on its first day of trading on the KOSDAQ market.
As of 9:20 a.m. on the 19th, Onconic Therapeutics is trading at 20,000 won, up 53.85% from its offering price.
Onconic Therapeutics is a biotech company established in 2020 as a subsidiary of Jeil Pharmaceutical specializing in new drug development. After conducting its own research and development of new drugs, it received approval from the Ministry of Food and Drug Safety in April for its domestically produced new drug "Zacubo". Zacubo is a P-CAB class drug for treating gastroesophageal reflux disease, which works by competitively blocking the secretion of gastric acid by interfering with the binding of protons to the potassium ion pump.
In the demand forecast conducted for institutional investors before the listing, Onconic Therapeutics recorded a competition ratio of 198.96 to 1. The offering price was set at 13,000 won, which is 19% lower than the company's minimum desired amount.
Last year, Onconic Therapeutics had sales of 21.05603 billion won, operating profit of 2.23093 billion won, and net profit of 1.68246 billion won.
The company expects this year's prescription amount for its flagship product, Zacubo, to reach 8.7 billion won. Next year, it is expected to grow to 30.8 billion won and to 55.6 billion won in the year after.
Kim John, CEO of Onconic Therapeutics, noted during a listing presentation on the 2nd of this month, "We have established a virtuous cycle structure where the success in new drug development and the revenue from new drug sales are reinvested into subsequent research and development." He also stated, "Our goal is to leap forward as a money-making biotech company into a global big pharma."