Ingenia: "Developing First-in-Class Drugs with TIE2 Activating Antibody"

Global Phase 3 Clinical Trial of Retinal Disease Treatment Led by MSD
Profitability Expected This Year from Technology Transfer Milestones

Ingenia Therapeutics, a company developing antibody drugs for microvascular restoration, is set to go public on KOSDAQ. Building on the success of its technology transfer for a retinal disease treatment, the company plans to expand its pipeline to systemic diseases such as chronic kidney disease.

At the initial public offering (IPO) briefing held on July 14, 2026, at Conrad Hotel in Yeouido, Seoul, Ingenia Therapeutics CEO Sang-Yeol Han stated, "Ingenia Therapeutics possesses microvascular restoration technology that can lead the global pharmaceutical industry. Based on our TIE2 antibody technology, we aim to introduce first-in-class and best-in-class treatments for ophthalmic diseases, and first-in-class drugs for other conditions."

Ingenia is a biotech company established in 2018 in Boston, United States. It develops antibody drugs that restore and stabilize damaged microvasculature. The company identifies candidate substances using its 'TIE-body' antibody, which directly activates the TIE2 receptor involved in vascular stabilization, and its 'LCIDEC' platform, which combines this antibody with a disease-causing protein removal function.

Sangyeol Han, CEO of Ingenia Therapeutics, is speaking at the initial public offering (IPO) briefing held on the 14th at the Conrad Hotel in Yeouido, Seoul. Photo by Seongmin Lee.

The company’s flagship pipeline is IGT-427, a treatment for retinal diseases. In 2022, Ingenia entered into a technology transfer agreement for IGT-427 with UK biotech company iBio, valued at a total of 1 trillion won. Subsequently, after Merck & Co. (MSD) acquired iBio, MSD is now conducting global Phase 3 clinical trials targeting wet age-related macular degeneration.

IGT-427 is a bispecific antibody candidate that directly activates the TIE2 pathway while inhibiting vascular endothelial growth factor (VEGF). By binding to a specific epitope of the TIE2 receptor present on vascular endothelial cells, it activates the receptor to stabilize blood vessels and, by inhibiting VEGF, reduces the pathological formation of new blood vessels and vascular leakage through its dual mechanism.

CEO Han explained, "The method of inhibiting ANG-2 has difficulty maintaining the desired level of TIE2 activity in patients with insufficient ANG-1 levels. IGT-427 binds directly to a specific part of TIE2 and forms a complex between substances, which helps sustain its activity." He further added, "It can also inhibit the phenomenon where the TIE2 receptor is shed from the cell surface by protein-degrading enzymes."

Ingenia is expanding the scope of its TIE2 antibody technology from ophthalmic diseases to systemic diseases. Utilizing the LCIDEC platform, the company is developing follow-on pipelines targeting diseases associated with microvascular damage.

The representative candidate is IGT-303, a treatment for chronic kidney disease. The drug is undergoing global Phase 2a clinical trials, leveraging a mechanism distinct from existing therapies. The company plans to use the capital raised through this IPO for the research and development of IGT-303, as well as its key pipelines and subsequent candidate substances.

This year, Ingenia expects to turn profitable, supported by the receipt of technology transfer milestone payments for IGT-427. CEO Han stated, "We received a milestone payment in the first half of the year related to IGT-427, which is being developed by MSD, and are scheduled to receive additional milestone payments in the second half in accordance with the contract. Based on this, we expect to turn profitable this year."

The company plans to advance subsequent drug candidates through late-stage clinical trials independently before pursuing technology transfer or joint development. CEO Han remarked, "We have some regrets about transferring IGT-427 at a relatively early stage, but as the company now has the capability to conduct its own clinical trials, our goal is to further develop our drugs through late-stage clinical trials in order to enhance corporate value and secure better contract terms."

Through this IPO, Ingenia will offer 5 million Depositary Receipts (DRs) to the public. The desired offering price is set between 12,000 and 14,500 won. Based on the offering price, the expected market capitalization is approximately 593.3 billion to 716.9 billion won. After conducting a demand forecast for institutional investors from the 20th to the 24th, subscriptions for retail investors will be accepted over a two-day period starting from the 30th.

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