The stock price of the bio corporation IntoCell is weak in early trading on the 10th. This is interpreted as a surge in sell orders following the news that the technology introduction contract with ABL Bio has been terminated.
As of 9:21 a.m. on that day, IntoCell is trading at 28,850 won, down 9,950 won (25.64%) from the previous trading day.
IntoCell announced that it received a termination letter regarding the licensing agreement for the antibody-drug conjugate (ADC) platform technology from ABL Bio after the regular market closed the previous day. IntoCell, which was listed on the KOSDAQ on May 23, emphasized that this contract was concluded on October 23 of last year, before the disclosure obligation arose.
Patent issues are cited as the cause of the contract termination. ABL Bio explained, "There is uncertainty that using the technology could infringe on unrecognized patents or third-party patents due to patent issues arising from the Nexitacan technology introduced by IntoCell."
There is no separate penalty payment resulting from this contract termination. An official from IntoCell stated, "We plan to diversify the testing and development of Nexitacan series drugs, and discussions regarding patent acquisition for 'NxT3,' which has been registered in China, will also be conducted concurrently."