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Biz News Korea(Eng)
Invosa maker Tissuegene debuts on Kosdaq Monday
- Collected
- 2017.11.03
- Distributed
- 2017.11.06
- Source
- Go Direct
The Korea Exchange Friday cleared the way for Tissuegene shares to start trading on Monday at the base price of 27,000 won ($24.25) apiece. The bio newcomer whose market capitalization is estimated at 1.63 trillion won is highly anticipated on the bullish Korean bourse as underscored by the heated response to its IPO.
Its IPO of 1.5 million shares drew overwhelming bids of 449.3 million, an oversubscription by nearly 300 times. Total bid value of 6.7 trillion won is this year’s second biggest after Netmarble Games that drew bids of 7.7 trillion won.
Tissuegene is a Maryland-based biopharmaceutical company founded in 1999. It owns commercial rights to degenerative arthritis treatment Invosa - the world’s first cell and gene therapy that treats knee osteoarthritis through an intra-articular injection without the need for any surgical intervention. The firm received marketing approval for the drug in Korea in July and aims to complete the phase III clinical study in the U.S. by 2021.
The biopharmaceutical company’s largest shareholder is Kolon Corp. that owns a 31.2 percent stake. Kolon Group Chairman Lee Woong-yeul owns 20.4 percent and Kolon Life Science 14.4 percent of the company.
By Chung Woo-sung and Cho Jeehyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]