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The Korea Herald
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THE INVESTOR
March 29, 2024

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Sillajen sets IPO price at bottom end of range

  • PUBLISHED :November 28, 2016 - 14:06
  • UPDATED :November 28, 2016 - 14:08
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[THE INVESTOR] South Korean biotech firm Sillajen, will be listed next month after having set its listing price at the bottom of an earlier price range.

The company, which develops oncolytic virus immunotherapeutics for cancer, will gauge demand from institutional investors for two days starting on Nov. 28. 




It aims to raise between 150 billion won (US$128.25 million) and 180 billion won by offering 10 million new shares. The proceeds will be used to fund clinical trials and drugs in development pipeline.

Sillajen shares are being priced at the bottom end of the indicative 15,000 won to 17,000 won.

The company is expected to begin trading on the tech-heavy KOSDAQ on Dec. 6.

The firm’s CEO Moon Eun-sang said last week that the company aims to become a game changer in the global anti-cancer segment including Pexa-Vec which is expected to be commercialized in 2020.

Pexa-Vec, which is undergoing phase 3 clinical trials, is an oncolytic virus with demonstrated intravenous delivery to tumors, induction of cancer targeting antibodies, and improved survival in a randomized trial.

In 2014, the US Food and Drug Administration granted a Special Protocol Assessment for Sillajen’s phase 3 clinical trials of Pexa-Vec in patients with advanced liver cancer.

Although Sillajen has a market cap of close to 1 trillion won in the country’s over-the-counter stock market, its business performance has not been impressive.

In the first nine months this year, the firm posted 34.3 billion won net loss, following its operating loss of 23.7 billion won in 2015.

By Park Han-na (hnpark@heraldcorp.com)

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