바이오스펙테이터

by Jongwon jang

Fourteen years after its founding, OliPass is scheduled to go public. It is slated to list on KOSDAQ within the year, and is speeding up the development of its phase 1 non-drug analgesic in the UK.

Fourteen years after its founding, OliPass, a domestic drug company, was confirmed for listing on the KOSDAQ. On July 11th, following a preliminary screening, the Korean Exchange accepted the listing application for OliPass, which it had filed in April. OliPass received A/A grades in the technology evaluation process, but opted to enter the KOSDAQ on the strength of its growth potential, rather than its technological excellence.

The growth potential system is a system that allows IPOs to be offered through the recommendation of KOSDAQ-listed companies, but if only the basic requirements (more than 1 billion won in equity capital and more than 9 billion won in reference market price) are satisfied. Instead, the host company will be responsible for the put-back option of buying back the investors’ stock at 90% of its public offering price when the stock price becomes sluggish. In 2018, another Korean biotech firm, Cellivery Theraputics, was listed on the KOSDAQ on the strength of its growth potential.

With this victory, OliPass is scheduled to list on the KOSDAQ by the end of this year. Mirae Asset Daewoo and Kiwoom Securities will be hosting the listing.

OliPass has plans to accelerate the development of their RNA treatments, which use OPNA (OliPass Peptide Nucleic Acid) technology. RNA is an oligonucleotide involved in protein synthesis and gene regulation, and works to relay genetic information to the cells in the body, while DNA regulates various protein syntheses. RNA therapy plays a role in blocking the production of disease-causing proteins by altering their RNA.

OliPass has also signed an OPNA Technology Transfer Agreement with a biotech company listed on the NASDAQ in the United States. Together with OliPass, they will develop technology transfer contracts and treatments for certain rare diseases.

OliPass plans to accelerate its own pipeline of clinical trials while expanding its joint development of technology agreements and treatments together with global pharmaceutical companies. In Europe, OliPass is currently performing Phase 1 clinical trials of its OPNA-based non-drug analgesics. Additionally, they are expanding their research pipeline to include treatments for diseases such as hyperlipidemia, as well as developing anti-cancer drugs for the treatment of solid tumors.