G2GBio, Backed by Drug Delivery Platform Technology, Anticipates Successful IPO

Possesses a long-acting injectable drug delivery platform
Founded by Lee Heeyong, former head of research at Peptron

G2GBio, a developer of long-acting injectable drug delivery platforms, is set to debut on the KOSDAQ market. The company has drawn attention as it was founded by Lee Heeyong, who previously served as head of the research institute at Peptron, a developer of peptide pharmaceuticals and antibody therapeutics.

According to the Financial Supervisory Service’s electronic disclosure system on June 20, G2GBio will issue 900,000 new shares for its initial public offering (IPO). The desired price range for the public offering is between 48,000 and 58,000 KRW per share, aiming to raise at least 43.2 billion KRW. The expected market capitalization is between 257.7 billion and 311.4 billion KRW.

Mirae Asset Securities, the lead underwriter, selected Daewoong Pharmaceutical, Korea BNC, Hanmi Pharmaceutical, and DongKook Pharmaceutical as peer companies to assess G2GBio’s appropriate corporate value. Peptron and Inventage Lab, which had been identified as competitors during the Korea Exchange’s preliminary listing review, were excluded. If Peptron and Inventage Lab?whose stock prices have surged sharply over the past year?had been selected as peer companies, it could have worked in G2GBio’s favor in determining the offering price. The market capitalizations of Peptron and Inventage Lab are 4.65 trillion KRW and 460 billion KRW, respectively, both larger than G2GBio’s expected market cap. However, both companies are currently operating at a loss, which was considered as the reason for their exclusion.

Founded in 2017, G2GBio possesses its proprietary drug delivery technology platform, InnoLAMP. InnoLAMP is characterized by ultra-high drug loading, high bioavailability, and suitability for mass production. CEO Lee worked at Peptron from March 2002 to November 2016. While serving as head of the research institute at Peptron, he played a key role in developing long-acting peptide injectables using ultrasonic spray-drying methods. Together with Executive Vice President Seol Eunyeong, a former senior researcher at Peptron, he founded G2GBio.

G2GBio has maximized the drug content within microspheres, thereby reducing the amount of microspheres required per dose. By applying a patented technology based on anti-inflammatory additives, the company has achieved more than double the bioavailability compared to existing products. The technology is recognized for lowering manufacturing costs and reducing side effects. Through a continuous organic solvent removal process, it can produce 30 to 60 kilograms per batch. The company is also noted for having established a top-tier mass production system in Korea.

Through the InnoLAMP platform, G2GBio is expanding its pipeline into various indications, including dementia, diabetes·obesity, and post-surgical pain. Its dementia treatment (GB-5001) demonstrated superior long-acting efficacy compared to the oral dementia drug Aricept (Aricept®) in a clinical pharmacology study in Canada. The drug also exhibited sustained release characteristics that maintain therapeutic effects for diabetes·obesity for over one month.

CEO Lee stated, "Through the InnoLAMP platform, we have secured a unique technological advantage in the field of long-acting injectable drugs," adding, "By listing on the KOSDAQ market, we aim to become a leading company in the long-acting injectable drug delivery market."