Three Biotech Firms Knock on KOSDAQ Door... Competing in IPOs with Genomics, Monitoring, and Antibodies

The First Test for Three Tech-Exception IPOs

Kanaph Therapeutics, Public Subscription on March 5-6

Meju, Mobile Remote Patient Monitoring

IM Biologics, Antibody-Based Novel Drugs

After a lull last month, three biotech firms are entering the public offering market this week. Kanaph Therapeutics, Meju, and IM Biologics will simultaneously conduct subscriptions and book-building. As all three are seeking listings through the technology exception track, this week's results are expected to serve as the first barometer for the 2026 biotech IPO market.

According to the pharmaceutical and biotech industry on March 4, Kanaph Therapeutics will accept retail subscriptions on March 5 and 6. The company was founded in 2019 by CEO Lee Byungchul, a former Genentech executive. Its core strength lies in a platform that identifies drug targets and matches optimal modalities using a genomic database of 500,000 people. The business model involves early technology transfer to domestic partners during the non-clinical stage, followed by subsequent out-licensing to global pharmaceutical companies. The cumulative value of contracts signed with Lotte Biologics, GC Green Cross, Oscotec, Dong-A ST, and Yuhan Corporation has reached 774.8 billion won. However, most of its key pipelines remain at the preclinical stage, which is a variable. It should also be noted that the company’s goal of turning a profit by 2028 is predicated on the success of global technology licensing deals, which is an important consideration for investors.

Meju will begin book-building for institutional investors on March 5. The company developed 'Hycardi,' a mobile remote patient monitoring (aRPM) solution. Unlike competitors that rely on Holter monitors (used for arrhythmia diagnosis), Meju designed its product from the start with regulatory approval for mobile patient monitoring devices in mind. It has secured a 53% market share, being adopted by 25 out of 47 top-tier general hospitals in Korea. As Hycardi has gained regulatory approvals, including from the U.S. Food and Drug Administration (FDA) and other global markets, generating overseas revenue is now the next challenge.

IM Biologics will close its book-building on March 6. CEO Ha Kyungsik, formerly head of the biotech division at HK inno.N, founded this antibody-based drug developer in 2020. In just four years, its main pipelines—IMB-101 and IMB-102—were out-licensed to Navigator Medicine in the United States in a deal worth 1.3 trillion won. IMB-101 targets autoimmune diseases such as hidradenitis suppurativa, while IMB-102 is aimed at inflammatory conditions such as atopic dermatitis. Remaining milestone payments are valued at 1.75 trillion won. Since all of the company's revenue is concentrated with Navigator Medicine, the partner’s clinical schedule is considered the biggest variable.

An industry official commented, "Investors will scrutinize the clinical progress and contract fulfillment more thoroughly than the impressive total value of technology licensing deals," adding, "The performance of these three companies will be the first test to gauge the direction of this year's biotech IPO market."

This content was produced with the assistance of AI translation services.