[THE INVESTOR] Korean biotech firm Eone Diagnomics Genome Center, or EDGC, will float its shares on the tech-laden KOSDAQ market based on the so-called “Tesla” method.
The company submitted an IPO application to the Korea Exchange on Dec. 22 for a preliminary review after it passed a November screening involving relaxed IPO regulations -- also known as the Tesla standards -- that allow tech startups with growth potential to get listed on the KOSDAQ.
Established in 2013, EDGC is a joint venture between San Diego-based DiagnomicsInc and Incheon-based Eone Lifescience Institute.
EDGC offers customized medical services based on next generation sequencing technique and genome analysis including a non-invasive prenatal screening test, a newborn genetic screening program and a mobile application for sequencing data analysis. Its prenatal birth examination brand NICE has been certified by the US Clinical Laboratory Improvement Amendments and Europe’s CE marking.
The firm plans to use the IPO funds to expand its business portfolio to liquid biopsy and diagnosis of transplant rejection as well as to advance into overseas market.
“There’s a lot of market interest right now on firms based on genomic services, such as Grail in the US, but it‘s been a long time since a local genome company has sought listing on the KOSDAQ,” said EDGC CEO Shin Shang-cheol.
By Park Han-na (firstname.lastname@example.org)