Bispecific antibody specialist ABL Bio said on the 29th that it carried out a rights offering worth 42 billion won for its 100% subsidiary, U.S.-based NeokBio.
NeokBio plans to use the funds raised to advance clinical development of the bispecific antibody ADC (antibody-drug conjugate) candidates ABL206 and ABL209. ADCs, called a "guided missile" that targets cancer cells, are a treatment technology that attaches a drug to an antibody to deliver it precisely to cancer cells only. They can reduce adverse effects on normal cells while maximizing therapeutic efficacy.
ABL Bio established NeokBio to take the lead in executing a strategic growth roadmap, including smooth clinical development of ABL206 and ABL209, mergers and acquisitions (M&A), and an initial public offering (IPO). ABL Bio will carry out preclinical studies for ABL206 and ABL209 and submit an investigational new drug (IND) application within the year, after which NeokBio will take charge starting with Phase 1 clinical trials.
Lee Sang-hoon, CEO of ABL Bio, said, "As NeokBio has completed preparations to proceed with clinical trials, we plan to quickly advance the development of bispecific antibody ADCs," adding, "Through continuous research and development, we will become a global leader in the next-generation ADC market."