Bio platform corporations Alteogen said on the 29th that it selected Korea Investment & Securities as the lead manager for a transfer listing to the Korea Composite Stock Price Index (KOSPI).
The company said it will work with Korea Investment & Securities to prepare for the transfer listing and hold an extraordinary shareholders meeting within the year. As shareholders' calls for a transfer listing to the KOSPI grew louder, on Aug. the company formalized its plan to move to the KOSPI. The company plans to accelerate the pace of its transfer listing to the KOSPI.
Chief Executive Officer Park Sun-jae of Alteogen said, "Through the anticancer drug "Keytruda Qurex," which received approval from the U.S. Food and Drug Administration (FDA) this time, we have secured a stable sales and revenue base going forward," and added, "We will work to further enhance trust in the corporations through the transfer listing to the KOSPI and to increase shareholder value."
Keytruda Qurex from U.S. Merck (MSD), approved by the FDA in Sep., applies Alteogen's technology to convert an intravenous (IV) product into a subcutaneous (SC) form. "Hyaluronidase ALT-B4," developed by Alteogen, breaks down the hyaluronic acid layer in subcutaneous tissue to create space for the drug to be absorbed quickly. Applying this can cut the administration time for anticancer drugs, which previously took several hours, to within 1–2 minutes.