InscoBee, Apimez US IPO Investment Recruitment Final Stage... "Listing on February 28"

InscoBi announced on the 24th that its subsidiary Apimed Pharmaceuticals US, Inc. (hereinafter APUS) has entered the final stage for listing on the U.S. stock market.

According to InscoBi, APUS confirmed investor interest exceeding the fundraising target of $18 million (approximately 26 billion KRW) presented in the registration statement (S-1) filed on February 20 local time. This indicates that the originally planned roadshow is progressing successfully.

APUS plans to complete fundraising on the 26th, decide the public offering price on the 27th, and begin trading on the NYSE American market on the 28th. The offering price is expected to be set between $4 and $5 per share, which aligns with the previously announced range. Market experts anticipate that approximately 12 million shares will be listed, combining about 7.9 million existing shares after a reverse stock split and 4.5 million newly issued shares.

The company stated that APUS's listing is significant in several respects. First, APUS will be the first domestic corporation established with the goal of FDA Phase 3 clinical trials to be listed on the New York Stock Exchange. Additionally, all funds raised through this listing will be invested in conducting FDA Phase 3 clinical trials for treatments of multiple sclerosis and severe osteoarthritis (O/A). APUS plans to commence the FDA Phase 3 trials immediately upon receiving IPO funds.

Currently, the global market for multiple sclerosis treatments exceeds $20 billion (approximately 30 trillion KRW), with the U.S. accounting for more than 70% of this market. An InscoBi representative said, "This market is a high-cost market where the annual treatment cost per patient exceeds 100 million KRW," adding, "APUS is pursuing this clinical trial as a multiple sclerosis treatment that can receive better pricing based on FDA recommendations."