[Featured Stock] BiozenCell Soars on First Day of Listing, Then Turns Down... Exceeds IPO Price

[Asia Economy Reporter Lee Seon-ae] BiogenCell, a bio company developing immune checkpoint inhibitors and immunosuppressants, is showing a downward trend on its first day listed on the KOSDAQ market. The opening price was set higher than the public offering price, then surged early in the session before turning downward.

On the 25th, BiogenCell is trading at 65,600 KRW, down 10.88% from the opening price. The opening price was set at 73,500 KRW, about 28.5% higher than the public offering price (52,700 KRW). Early in the session, it surged to 78,000 KRW.

BiogenCell previously recorded a demand forecast competition rate of 1,271.21 to 1 from institutional investors on the 6th and 9th, confirming the public offering price at the top of the expected band (42,800?52,700 KRW) at 52,700 KRW. At that time, 1,443 domestic and foreign institutions participated in the demand forecast.

Subsequently, during the subscription period on the 12th and 13th, the competition rate was 886 to 1, attracting approximately 11.0131 trillion KRW in subscription deposits. By securities company, Daishin Securities recorded 908 to 1, and KB Securities recorded 853.4 to 1.

Founded in 2013, BiogenCell is a specialized immune cell therapy company researching and developing immune checkpoint inhibitors and immunosuppressants targeting various cancers and immune diseases. In 2017, Boryung Pharmaceutical (003850) participated as a strategic investor and became the largest shareholder. The largest shareholders, including Boryung Pharmaceutical, hold about 29.7% of shares after listing.

On this day, Shinhan Financial Investment evaluated BiogenCell as a specialized immune cell therapy company possessing three platforms. The platforms consist of ViTier: antigen-specific CTL (cytotoxic T lymphocyte) autologous cell therapy; ViRanger: gamma delta T cell allogeneic cell therapy; and ViMedier: umbilical cord blood-derived MDSC (myeloid-derived suppressor cell) allogeneic cell therapy. ViTier’s VT-EBV-N is currently undergoing a Phase 2 clinical trial related to NK/T lymphoma. VT-Tri(1)-A is in Phase 1 clinical trial for AML, and ViMedier’s VM-GD has received IND approval for GvHD Phase 1/2a clinical trials, which are expected to commence soon.