[Asia Economy Reporter Chunhee Lee] Idience, affiliated with Ildong Pharmaceutical Group, is accelerating its initial public offering (IPO).
On the 17th, Idience announced that it has selected DB Financial Investment as the lead underwriter for the IPO. Along with the selection of the underwriter, the company plans to attract investment and meet listing requirements with the goal of a technology-specialized listing in 2024.
Idience was established in 2019 as a subsidiary of Ildong Holdings, the holding company of Ildong Pharmaceutical Group, specializing in new drug development. Currently, it is conducting clinical development work on its new drug pipeline, focusing on the anticancer drug field, including 'venadaparib (code name IDX-1197)'.
Venadaparib is a new drug candidate with a poly ADP-ribose polymerase (PARP) inhibition mechanism. It is being developed as an oral targeted anticancer agent for solid tumors such as gastric cancer, breast cancer, and ovarian cancer.
Idience is currently conducting a Phase 1b clinical trial related to combination therapy for gastric cancer with venadaparib in South Korea, the United States, and China. In August, it was designated by the U.S. Food and Drug Administration (FDA) as a treatment for a rare disease related to gastric cancer.
The company explained that due to the drug characteristics of venadaparib, it has a broader range of applicable patient groups and cancer types compared to existing drugs of the same class. Additionally, it can be used not only as monotherapy but also in combination with other anticancer drugs, and it has differentiating factors in terms of safety such as toxicity, which leads to high commercial value.
An Idience official stated, “Along with clinical development and license-out promotion related to venadaparib, we will continue to expand our pipeline by securing new substances, while focusing our capabilities on attracting investment and maximizing corporate value in preparation for the IPO.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
