QuadMedicine, a medical microneedle platform company, said on the 10th that it submitted a securities registration statement to the Financial Supervisory Service on the 2nd and began full-fledged procedures for a KOSDAQ listing.
The company plans to conduct a book-building process for institutional investors for five business days from the 14th to the 20th of next month to set the final offering price, followed by retail subscriptions on the 25th and 26th, and list in early December. The lead manager is NH Investment & Securities. The total number of shares to be offered is 1.7 million, and the desired price range is 12,000 won to 15,000 won per share. Through this offering, it will raise about 20.4 billion won to 25.5 billion won.
QuadMedicine's main focus is microneedles, which are tiny needles embedded in a patch. Microneedles applied to the skin are drawing attention as next-generation drug delivery technology that can improve the limitations of injections and oral drugs (orals), enhancing patient convenience and treatment efficiency. Precise structural design and manufacturing processes are required to deliver drugs accurately and stably through the skin.
The company said, "We have secured all the technologies needed to make microneedles, including precision machining and injection technologies, formulation technologies to design vaccines and small-molecule drugs to fit microneedles, and implementation technologies to establish a mass-production system," adding, "Depending on the properties of the drug, we can tailor-apply the detachable (S-MAP) and coating (C-MAP) platforms."
According to the company, S-MAP was used in 2022 through a collaboration with Hanlim Pharm to change the formulation and route of administration of an osteoporosis treatment. The product completed phase 1 clinical trials overseas. C-MAP is being applied to formulation modification and transdermal formulation based on hepatitis B vaccine antigen supplied by LG CHEM, and the nation's first microneedle phase 1 clinical trial targeting a biopharmaceutical vaccine is underway. Other research and development pipelines include measles-rubella vaccines, obesity treatments, and hair loss treatments.
The company said it plans to use the funds secured after listing to advance clinical trials of existing pipelines and expand into new pipelines.