This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:03 p.m. on Apr. 15, 2026.
Anticancer drug development biotech NEX-I is pushing to raise 50 billion won in new funding. With results such as a technology transfer deal and passing a technology evaluation that bring listing within sight, the strategy is to lift its valuation before its initial public offering (IPO) moves into full swing, and investor interest is understood to be strong.
According to the investment banking (IB) industry on the 15th, NEX-I recently finalized a plan to attract new investment and began a demand survey targeting financial investors (FI) such as major domestic venture capital (VC) firms. As a pre-IPO (fundraising before listing) round, the target size is set at more than 50 billion won.
The pre-IPO valuation is expected to exceed 250 billion won on a post-money basis. Previously in Aug. last year, it raised a 61 billion won Series B from DSC Investment, Atinum Investment, and Stonebridge Ventures, receiving a valuation recognition of about 170 billion won.
NEX-I was founded in 2021 by CEO Yoon Kyung-wan, who led antibody drug development at Genome & Company, with the goal of developing next-generation immuno-oncology drugs. Its core is developing anticancer drugs that both awaken an immune system suppressed by cancer cells and target oncokines—immune resistance factors produced by cancer cells.
NEX-I was immediately spotlighted as a promising biotech. In 2024, just three years after its founding, it achieved a milestone by out-licensing its immuno-oncology candidate "NXI-101" to Ono Pharmaceutical. Japan's Ono Pharmaceutical is the first in the world to commercialize an immuno-oncology therapy and is regarded as a global big pharma.
Investor interest is said to be strong. On top of the revenue base established by the NXI-101 out-licensing, assessments note that "NXI-201," the company's second candidate under development, has also come within range for a deal. NXI-101 and NXI-201 are said to differ in target indications.
The fact that listing is within sight is also cited as a strength. NEX-I recently passed the technology evaluation for a KOSDAQ market special listing based on technology. It obtained A and BBB ratings from specialized evaluation institutions designated by the Korea Exchange (KRX). The technology evaluation is considered the biggest hurdle for biotech listings.
A person in the securities industry said, "I understand the technology evaluation bodies also gave high marks to the NXI-101 out-licensing result and the business development potential of NXI-201," adding, "With listing within sight, there is a view that existing investors alone could cover the entire fundraising target."
Meanwhile, NEX-I plans to concentrate the newly raised funds on strengthening research and development (R&D) capabilities, including expanding clinical work for NXI-201. In addition, as soon as the fundraising is completed, it plans to begin IPO procedures, including filing for a preliminary KOSDAQ market listing review. Korea Investment & Securities Co. is serving as the lead underwriter.