Neofect "Ybrain aims for IPO in first half of next year... Preparation progressing smoothly"

[Asia Economy Reporter Hyunseok Yoo] NeoFact, a specialized company in innovative medical solutions, announced on the 11th that its affiliate Wybrain, which is planning to be listed on KOSDAQ in the first half of next year, is smoothly progressing with the preparation procedures for the listing.

Wybrain, established in 2013, is a company specializing in the development of electronic medicine devices targeting neuropsychiatric disorders. It has a clinical pipeline for various indications such as depression, dementia, migraine, schizophrenia, insomnia, and autoimmune diseases. In April, it received the first-ever marketing authorization in the industry for a First-in-Class electronic medicine with an indication for the sole treatment of depression, and plans to apply for the U.S. Food and Drug Administration (FDA) 'De Novo procedure' in the second half of this year.

Currently, Wybrain has signed an IPO lead manager contract with NH Investment & Securities and is preparing for a technical evaluation for a technology-specialized listing. It plans to complete the technical evaluation in the second half of this year and pursue a KOSDAQ listing in the first half of next year.

A NeoFact official said, “Wybrain, which is rapidly advancing the commercialization of electronic medicine focusing on depression, is pioneering the global brain disease electronic medicine market based on the competitiveness of follow-up First-in-Class electronic medicine pipelines verified by clinical references and 26 SCI (Science Citation Index) papers. At the point when the schedule for high growth through domestic market entry and U.S. FDA First-in-Class approval becomes visible, we will complete the technical evaluation well and actively start preparing for the IPO.”

NeoFact, as the largest shareholder of Wybrain, is expanding business synergy with Wybrain with the goal of developing home-based medical devices that allow patients with neurological and musculoskeletal diseases such as dementia, depression, and stroke to conduct rehabilitation training by themselves at home and improve symptoms.

Electronic medicine is a treatment technology that alleviates symptoms of specific diseases through electrical signals such as current and magnetic fields. It minimizes side effects caused by drug treatment or surgery and can vary therapeutic stimulation in specific areas, making it recognized as a ‘future treatment method’ in terms of efficacy and safety. Previously, it was mainly used in the fields of mental and neurological disorders, but recently its application range is expanding to obesity, diabetes, cardiovascular diseases, and cancer treatment.