[Market Focus] HK Innoen Hits Upper Limit After Announcing U.S. Phase 3 Results for "K-Cab"

As of 9:10 a.m. on April 24, HK Innoen’s share price on the KOSDAQ market was up 29.88% from the previous closing price, reaching 48,900 won. This surge appears to be due to the company’s announcement before the market opened regarding the results of the U.S. Phase 3 clinical trial for K-Cab, one of its flagship products for gastroesophageal reflux disease.

On this day, HK Innoen stated that its U.S. partner, Sebela, announced on April 24 (local time April 23) that the Phase 3 clinical trial for K-Cab had met its primary endpoints.

According to the announcement, K-Cab met both primary and secondary endpoints in clinical trials for both erosive esophagitis (EE) and non-erosive reflux disease (NERD). Notably, K-Cab demonstrated superiority over existing PPIs in healing erosive esophagitis at both the 2-week and 8-week marks. These results come three years after HK Innoen licensed the technology to Sebela in the United States in 2021, and are expected to accelerate K-Cab’s entry into the U.S. market.

Kwack Dalwon, CEO of HK Innoen, stated, "I am deeply proud that K-Cab, a new drug developed in Korea, has successfully completed Phase 3 clinical trials in the United States, the world’s largest pharmaceutical market," adding, "We will do our utmost to ensure that K-Cab becomes the new standard for treating gastroesophageal reflux disease in the global market, including the United States."

Kiwoom Securities has projected HK Innoen’s total sales for this year at 1.0335 trillion won, with K-Cab sales alone estimated at 206.4 billion won.

HK Innoen was established in 2014 as a spin-off of the pharmaceutical division of CJ CheilJedang. In 2020, management rights were transferred to Kolmar Korea, which currently holds a 43.01% stake.