Neoimmunetech(950220) is up for a second straight day on news that it succeeded in its first technology export since listing.
As of 9:17 a.m. on the 21st, Neoimmunetech was trading at 2,850 won on the KOSDAQ market, up 655 won (29.84%) from the previous transaction day. Following a 29.88% rise to close at 2,195 won the day before, it is trading at the upper limit for a second straight day (the top of the daily price limit band).
Neoimmunetech said on the 19th that it signed a contract with the U.S. biotech corporations "Tolerance Bio" to transfer the rights for development and commercialization related to thymic dysfunction for the immuno-oncology candidate "NT-I7."
The upfront payment will be received not in cash but as 4% equity on a fully diluted basis in Tolerance Bio. Depending on clinical development and sales milestones, it will receive up to $260 million (about 366.9 billion won) in milestone payments.