The main focus of the global pharmaceutical industry recently has been drug delivery technology and formulation diversification. In this context, corporations with technologies that can reduce injection pain and inconvenience more than existing therapies while increasing treatment efficacy, drug absorption, and productivity are drawing attention.
QuadMedicine, which is scheduled to list on KOSDAQ on the 12th, has "microneedle (micro needle)" technology, considered a solution that can supplement and overcome the limitations of standard injectables and oral drugs.
Microneedles are a bioengineering-converged therapy in the form of a patch with micro-needles less than 1 mm arranged in an array that, when attached to the skin, pass through the stratum corneum to efficiently deliver drugs to the dermis.
On the afternoon of the 1st, at an IPO briefing held in Yeouido, Seoul, Chief Executive Baek Seung-gi of QuadMedicine said, "We will expand technology transfer collaborations with domestic and overseas corporations in various areas such as vaccines, peptides, and synthetic drugs, and accelerate commercialization by promoting the world's first medical microneedle CDMO."
The company plans to invest the funds secured through this listing in strengthening CDMO capabilities, research and development, clinical expansion, and production infrastructure. The offering totals 1.7 million shares, the desired price band is 12,000 won to 15,000 won, and the lead underwriter is NH Investment & Securities.
◇ "Commercialization speed through technology transfer and clinical entry"
The company's strategy is to increase commercialization speed, including technology exports, focusing on vaccine, osteoporosis, and obesity therapy markets where microneedle applications have high utility.
The limitation of oral formulations is "low drug absorption." Because of this, patients must take medicines frequently and in large amounts. Injectable formulations not only cause pain for patients, but being liquid, they require syringes and a cold chain system. That much expense also increases production expense. Pen-type subcutaneous injectables show differences in individual efficacy because absorption rates vary depending on the patient's skin and body fat percentage.
Microneedles are a technology that can supplement the limitations of these existing pharmaceutical formulations. Baek said, "As a solid formulation, microneedles are stable at room temperature and minimally invasive, and they show consistent absorption at the point where they meet the bloodstream," adding, "They can be self-administered, so neither medical personnel nor a cold chain is needed."
Baek cited as QuadMedicine's competitiveness not only its polymer microneedle technology but also its possession of a separable microneedle technology that can dissolve the tips.
QuadMedicine has three platform technologies: the separable "S-MAP," the coating-type "C-MAP," and the particle-attached "P-MAP."
S-MAP features a structure in which the needle tip separates from the support upon skin administration, a technology developed by QuadMedicine for the first time in the world. C-MAP uniformly coats active ingredients onto microstructures so that the drug dissolves upon contact with body fluids. P-MAP is a structure that attaches micro-particle form drugs to the needle tip based on freeze-drying technology.
Baek said, "The three platforms are designed to be applicable to various formulations such as synthetic drugs and vaccines," adding, "We will continue to sign research contracts with domestic and overseas corporations and diversify revenue through a technology transfer model."
The company has already exported technology to Hanlim Pharm and Sangmyung Innovation, respectively. It is also conducting joint research on multiple vaccines, including a typhoid vaccine, a hepatitis B vaccine, and a measles-rubella vaccine, with domestic pharmaceutical companies such as Kwangdong Pharmaceutical and LG CHEM, as well as GSK plc in the United Kingdom and the RIGHT Foundation. The RIGHT Foundation is an international health technology research fund jointly funded by the Gates Foundation, Korea's Ministry of Health and Welfare, and domestic bio corporations through grants.
Milestone technology fees arising according to each pipeline's development stage and future royalties from product sales will become the company's main sources of revenue.
◇ "Mid- to long-term business expansion with the CDMO model"
QuadMedicine is seeking to preempt the microneedle CDMO market. It plans to complete a GMP line this year and, together with a global partner (currently undisclosed), proceed with building a manufacturing plant in Yongin next year, establish an advanced GMP facility for global supply in 2027, and participate in international procurement bids to begin supplying.
Baek said, "We are building an automated facility capable of directly manufacturing microneedles," adding, "Based on this, we will develop the world's first medical microneedle CDMO business."
Baek said, "We have already secured aseptic production facilities capable of integrated production from the formulation research stage, loading raw materials directly into microneedles, passing through a fully automated process, and producing the final finished product," adding, "This means that by internalizing materials, equipment, and process technologies, we can realize the commercialization of bio products."
In addition to pharmaceuticals, the company plans to supply microneedle materials to the skincare and beauty device sectors.
Baek said, "By leveraging pharmaceutical-grade technological credibility, we will secure a short-term revenue source through high-functionality cosmetics using micro-stimulus microneedles, and later expand into the diagnostic medical device market." Baek added, "Until now, we have secured sales mainly through technology fees, but starting next year, sales will be added by supplying material and equipment technologies for cosmetics and devices."
QuadMedicine's 2024 sales are about 9.3 billion won, and its operating loss is about 4.4 billion won. The company aims to turn a profit in 2027.