Ingenia Therapeutics fell 17% in early trading on the 18th, its first day on the KOSDAQ market.
As of 9:41 a.m., Ingenia Therapeutics is trading at 12,010 won on the KOSDAQ market, up 10 won (0.08%) from the offering price (12,000 won). In early trading, it traded at 9,900 won, down 17.5%.
Earlier, Ingenia recorded a subscription competition ratio of 3.09 to 1 in the public offering for retail investors conducted over two days on July 30 and 31. In the book-building for institutional investors held from July 20 to 24, it posted a competition ratio of 50.4 to 1 and finalized the offering price at 12,000 won, the lower end of the desired band.
Founded in 2018 in Boston, the United States, Ingenia is developing antibody drugs that repair and stabilize damaged microvessels based on source technologies from the Korea Advanced Institute of Science and Technology (KAIST) and the Institute for Basic Science (IBS), and holds as its core technologies the "TIE-body" antibody, which directly activates the TIE2 receptor, key to vascular stabilization, and the platform technology "LCIDEC," which adds a function to remove disease-causing proteins.