Bionetics Changes Company Name to 'Pinobio'

[Asia Economy Reporter Hyunseok Yoo] Bionetics announced on the 2nd that it will change its company name to ‘PINOTBIO, Inc.’ This is to proactively prevent potential trademark issues that may arise during overseas business activities such as technology transfers and new drug launches, and to highlight a more familiar biotech company image to domestic and international partners and investors.

Bionetics is about to start the Phase 1 clinical trial in the U.S. for its main pipeline, the NTX-301 leukemia anticancer drug. Since there is another company with the same name as Bionetics in the U.S., the company decided to change its name to resolve trademark issues. ‘PINOTBIO, Inc.’ is derived from the English abbreviation of ‘Providing Innovative Therapeutics Biotech.’ Additionally, ‘Pinot’ shares its pronunciation with the famous grape varieties Pinot noir and Pinot gris, which is expected to create a more familiar and favorable impression among domestic and international business partners and investors.

Jung Doo-young, CEO of PINOTBIO, said, “This name change is to accelerate the company’s future growth and overseas expansion,” adding, “We will prevent overseas trademark conflicts in advance and become a company that bears good fruit like tightly packed grape berries.”

PINOTBIO plans to pursue two Phase 1 clinical trials this year. The targeted anticancer drug NTX-301 for myeloid leukemia received Phase 1 clinical trial approval from the U.S. FDA in February and is scheduled for first patient dosing starting in the second quarter. The glaucoma eye drop NTX-101 plans to apply for a domestic Phase 1 clinical trial in the second quarter and begin first dosing in the third quarter. Additionally, the company selected NH Investment & Securities and Samsung Securities as joint lead managers in March and has begun full-scale procedures aiming for a KOSDAQ listing next year.