Terrascience, Oncopep Secures $10 Million Pre-IPO... "Accelerating Phase 2 Clinical Trials"

[Asia Economy Reporter Jang Hyowon] Terra Science announced on the 29th that OncoPep, a U.S. company in which it recently secured a 26% stake, has completed the first round of pre-IPO investment worth $10 million (11 billion KRW). Terra Science also invested 5 billion KRW in OncoPep's pre-IPO round.

OncoPep signed an underwriting agreement with Shinhan Investment Corp. last year for a KOSDAQ technology special listing and has been conducting pre-IPO funding. Through active IR activities both domestically and internationally, and by announcing promising clinical results based on excellent human resources, it successfully completed fundraising of 10 billion KRW, its target amount.

In this pre-IPO round, OncoPep attracted investments not only from Terra Science but also from domestic pharmaceutical companies and Hong Kong-based investment funds, recognizing OncoPep's technological capabilities and the future value of its pipeline.

In November last year, OncoPep applied to the U.S. FDA for a phase 2 clinical trial for metastatic triple-negative breast cancer, and in February this year, PVX-410 was recognized for its safety and potential, receiving approval to start phase 2 clinical trials with a single application.

With the funds raised this time, OncoPep plans to actively proceed with the FDA phase 2 clinical trial for metastatic triple-negative breast cancer using PVX-410 and Merck's Keytruda. Additionally, it will initiate preclinical development of MTAA (Multiple Tumor Associated Antigen) adaptive T-cell therapy, a next-generation cancer treatment.

A company official stated, "The funds raised through this pre-IPO will enable OncoPep's clinical development pipelines to proceed smoothly, and preparations for the KOSDAQ listing will also be carried out without delay," adding, "Based on this, the corporate value of OncoPep, which is preparing for the KOSDAQ listing, is expected to expand."