Telcon RF Pharmaceutical Becomes Largest Shareholder of Abion... "Large-Scale LO for ABN401 Within Sight"

Telcon RF Pharmaceutical is expanding its stake in Abion, which is conducting a global Phase 2 clinical trial for the c-MET (hepatocyte growth factor receptor) targeted anticancer drug ‘ABN401 (Babamekip)’.

On the 19th, Telcon RF Pharmaceutical announced that it purchased 2,508,381 common shares of Abion through a block deal (off-hours large volume trade), increasing its total holdings to 4,486,274 shares from the previous 1,977,893 shares. With this, Telcon RF Pharmaceutical holds a 20.37% stake in Abion, becoming the largest shareholder. The shares acquired this time are subject to a joint voting rights agreement with Shin Young-ki, CEO of Abion, and the joint voting rights agreement will be in effect for three years from the time of listing.

At the same time, it will acquire the 4th and 5th series of convertible bonds (CB) worth 16 billion KRW and 2 billion KRW, respectively. This is to resolve the overhang issue early due to the maturity of the existing largest shareholder, ‘ST-Starset Healthcare Fund No. 1,’ and to strengthen the financial structure.

A representative of Telcon RF Pharmaceutical said, “We decided to additionally acquire shares this time as the possibility of a large-scale technology transfer contract for ABN401, Abion’s main pipeline, is becoming visible,” and added, “The 4th series CB purchased along with the common shares will be converted into stocks in the future to strengthen capital soundness.”

He continued, “In addition to ABN401, we have secured various technologies including the next-generation platform technology ‘ABN202,’ which is being developed based on the ACFP (antibody-cytokine fusion protein) platform technology, to maximize synergy,” and said, “We will actively support mutual cooperation to strengthen Abion’s R&D capabilities and help it grow into a leading domestic biotech company.”

Abion’s next-generation pipeline ABN202 attracted attention when it was presented at AACR (American Association for Cancer Research) in April. In the presentation, ABN202 demonstrated excellent anticancer efficacy in resistance models against targeted anticancer drugs including antibody-drug conjugates (ADC), which currently lead the market, as well as chemotherapeutic agents, confirming its potential as a next-generation therapeutic strategy. The ABN202 platform was applied to complex modalities such as bispecific antibodies, showing strong antitumor efficacy, proving that ABN202 is a differentiated platform technology from ADCs and can be applied to various indications and modalities.

Another pipeline, ‘ABN501,’ is the world’s only claudin-3 (CLDN 3) targeted anticancer drug with high specificity and strong target binding affinity. Claudin-3 is overexpressed in a wider range of solid tumors compared to claudin 18.2 (CLDN 18.2), which is targeted by zolbetuximab, making it a new anticancer target. Nonclinical research results of ABN501 for small cell lung cancer were presented at AACR 2024, attracting interest from many global pharmaceutical companies.