Adbiotech Changes Largest Shareholder... Accelerates Global Phase 3 Clinical Trial of Oregovomab

Adbiotech announced on June 10 that its largest shareholder will change to OcupibioM (hereafter Ocupiem) through a third-party allotment paid-in capital increase worth approximately 28 billion KRW.

The funds secured will be used for clinical trial expenses and related costs. The previous day, the company also disclosed its decision to issue convertible bonds (CB) worth 10 billion KRW to Gorix.

Ocupiem, which will become the new largest shareholder, is a biotech company developing the ovarian cancer immunotherapy 'Oregovomab.' The main clinical trial, Cohort 1, completed dosing for a total of 378 patients in the second half of 2023. When 232 relapsed patients, required for statistical analysis, are identified, the final analysis will begin.

Ocupiem has accumulated long-term data since the early stages of the clinical trial and completed an interim analysis in October 2023. Industry experts note that since the analysis is conducted when the relapse rate approaches 50%, it is now possible to achieve visible results around 60 months after the initial dosing.

Adbiotech previously invested in Quest PharmaTech Inc. and OncoQuest Inc. in 2014, when it was an unlisted company. Quest PharmaTech is the largest shareholder of OncoQuest, and OncoQuest is the largest shareholder of Ocupiem. At that time, Adbiotech's investment was used for the global Phase 2 clinical trial of Oregovomab. Adbiotech was listed on the KOSDAQ market in 2022 and currently maintains a cooperative relationship with Ocupiem regarding the ongoing FDA Phase 3 clinical trial.

Ocupiem holds a 100% stake in 'CanariaBio,' which owns the intellectual property (IP) rights for Oregovomab. It is expected that combining Adbiotech's business capabilities with Oregovomab's global potential will maximize synergy in the future.

A company representative stated, "This decision not only secures investment funds but also provides clear business justification and practical benefits," adding, "Adbiotech's status in the global immuno-oncology market will be further strengthened."