[Market Focus] Onconic Surges Over 9% on Receipt of Technology Transfer Fee from Chinese Partner

Onconic Therapeutics is showing strong performance on August 19. The buying momentum appears to have strengthened following news that the company secured a large-scale technology transfer fee from its Chinese partner.

As of 2:20 p.m. on this day, Onconic Therapeutics shares on the KOSDAQ market were trading at 28,250 won, up 9.50% from the previous trading day. The stock opened lower at 25,550 won but rebounded during the session, expanding its gains and at one point trading at 28,950 won.

Onconic Therapeutics announced that Livzon Pharmaceutical of China has successfully completed Phase 3 clinical trials for the gastroesophageal reflux disease treatment 'Zastaprazan' in China and has submitted a product approval application to the National Medical Products Administration (NMPA) of China. As a result, Onconic Therapeutics disclosed that it has claimed a development milestone (stepwise technology fee) of 5 million dollars. This milestone is the largest single payment among the development milestones the company has received during its global expansion.

Onconic Therapeutics, which was listed on the KOSDAQ market last year, previously secured a contract fee of 15 million dollars (approximately 20 billion won) by signing a Greater China technology transfer agreement with Livzon in March 2023. This year, the company also received a development milestone of 3 million dollars (approximately 4.4 billion won) for entering Phase 3 clinical trials and 1.5 million dollars (approximately 2.2 billion won) for the completion of manufacturing technology transfer.