This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:08 p.m. on Jun. 15, 2026.
Institutional investors, including major domestic venture capital firms (VCs) that poured large sums into Curocell, a KOSDAQ-listed developer of immuno-oncology drugs, have taken on more than half in valuation losses in just over two months after investing. Despite the positive news of Ministery of Food and Drug Safety approval for Korea's first CAR-T Therapy "Rimcato," the stock plunged after failing to clear the hurdle for health insurance reimbursement.
According to the investment banking (IB) industry on the 16th, the valuation of Curocell's convertible preferred shares (CPS) and 4th private convertible bonds (CB) held by three VCs—Atinum Investment, Korea Investment Partners, and STIC Ventures—stood at about 12.4 billion won based on the closing price that day (29,750 won), down more than 50% from the principal invested.
In about two months since the Curocell investment, the three VCs invested a total of 25 billion won in April by participating in the funding for therapy development and operating capital that Curocell pursued through the issuance of CPS and CB. The total funding size was about 73 billion won, and major domestic securities firms, including Mirae Asset Securities, also joined as investors.
The delayed launch of Curocell's CAR-T Therapy "Rimcato" became a headwind. Rimcato drew expectations as Korea's first CAR-T Therapy but, after approval, failed to pass the gateway for health insurance reimbursement. The Health Insurance Review & Assessment Service (HIRA) cancer disease review committee decided on the 27th of last month not to set reimbursement criteria for Rimcato.
Rimcato was developed as a chimeric antigen receptor T-cell (CAR-T) therapy that removes cancer cells using immune cells (T cells). The problem is that, because it is a personalized therapy designed to extract a patient's immune cells and target only cancer cells, the price runs into hundreds of millions of won. Without reimbursement, an actual launch is virtually difficult.
The weakening commercialization outlook immediately led to a plunge in Curocell's stock and valuation losses. In particular, on the 28th of last month, the day after health insurance reimbursement listing was rejected, Curocell's stock fell more than 12%, and the current share price has dropped to the 30,000-won range. That is less than 50% of the issue price of 60,200 won per share.
The company plans to seek a re-review in July and again push for a reimbursed launch in the second half, but selling pressure appears to be continuing. As the fact that the number of domestic patients eligible for Rimcato prescriptions is only about 300 to 600 per year resurfaces, some are even saying its growth potential is not high.
Although both the CPS and CB of Curocell include a downward conversion price adjustment (refixing) clause, investors are currently unable to avoid valuation losses. That is because the current share price does not reach even the minimum adjustment price of 42,150 won. CB conversion requests are understood to be possible starting in 2027.
The overhang (potential selling volume) burden from existing CB supplies is also cited as one of the factors weighing on the stock. Since its KOSDAQ listing, Curocell appears to have raised more than 100 billion won from external sources over roughly two years. Concerns about equity dilution due to large-scale CB conversions going forward remain.
A VC industry official said, "Because CAR-T has a high level of development difficulty, the investment would be a bet on long-term growth, but the burden of valuation losses is inevitable," adding, "In particular, since listed-company mezzanine is not a core target for VCs, this could fuel distrust among limited partners (LPs)."