G2GBIO, which has technology for extending the duration of drug effects, will be listed on KOSDAQ next month.
Lee Hee-yong, CEO of G2GBIO, held a news conference regarding the initial public offering (IPO) on the 31st in Yeouido, Seoul, and noted, "We will use this KOSDAQ listing as a stepping stone to become the world's top platform company for sustained-release injection drugs, encompassing everything from technology transfer to contract development (CDO) and contract development and manufacturing (CDMO) businesses."
Founded in 2017, G2GBIO is a specialized company in drug delivery platforms for sustained-release injection drugs, possessing a unique drug delivery technology called InnoLAMP. Sustained-release injections, simply put, control the release of the drug within the body to occur slowly. As a result, one injection can replace daily oral medications taken once a day for 1 to 6 months. This makes it easier for patients to administer drugs and reduces the chances of missing doses.
The company emphasized its strength in having the largest-scale micro-particle drug mass production process in the country. It claimed to be able to mass-produce micro-particles in batches of 30 to 60 kg. It also announced the introduction of technology that allows anti-inflammatory agents to be administered together so that the anti-inflammatory effect is simultaneously exerted when the micro-particle medicine reaches the inflamed area.
Lee noted, "Over the past 8 years, we have secured unrivaled capabilities in drug delivery platform technology and have been recognized for our potential by global corporations through process evaluations." The company signed long-term sustained-release injection development contracts with the German pharmaceutical company Boehringer Ingelheim in January and July. It also entered into joint development agreements with two major global pharmaceutical companies.
G2GBIO is expanding its development pipeline with diabetes and obesity treatments based on semaglutide as the main ingredient, as well as postoperative pain anesthetics. Semaglutide is a glucagon-like peptide (GLP)-1 class diabetes and obesity treatment from Novo Nordisk, marketed under the brand names Ozempic and Wegovy, which lower blood sugar and reduce appetite.
G2GBIO plans to go public on KOSDAQ through a subscription from August 5 to 6. The company will offer 900,000 shares (100% new shares). The desired public offering price is between 48,000 won and 58,000 won per share. Mirae Asset Securities is the listing underwriter, and the market capitalization after the listing is expected to reach between 257.7 billion won and 311.4 billion won.