▶주메뉴 바로가기

▶본문 바로가기

The Korea Herald
검색폼

THE INVESTOR
March 19, 2024

Bio

ToolGen to relist on KOSDAQ

  • PUBLISHED :August 21, 2018 - 16:38
  • UPDATED :August 21, 2018 - 16:38
  • 폰트작게
  • 폰트크게
  • facebook
  • sms
  • print

[THE INVESTOR] ToolGen, Korea’s biotech specialized in genome editing, is expected to be the first biotech firm to be listed on the secondary KOSDAQ under the so-called “Tesla standards,” a relaxed listing rule for promising companies that have not posted significant profits.

ToolGen, the largest KONEX-listed firm with 809.7 billion won (US$724 million) in market cap, plans to move its shares to the KOSDAQ market by submitting applications to the Korea Exchange for a preliminary review this month. 



Unprofitable tech startups have two options to go public here. One is going under a technology appraisal by the bourse operator to assess the company’s monetary value, the other is the “Tesla standards,” which is named after the iconic US electric carmaker that got listed on NASDAQ for its future potential.

If successful, ToolGen will be the first biotech firm to float shares through the latter rule in which IPO underwriters are obliged to buy back stocks. Korea Investment & Securities is the main underwriter for the IPO.

This is the company’s third attempt to move its shares to KOSDAQ after two setbacks in 2016 and 2017 due to an unfiled patent application and shareholder issues.

To ensure its successful relisting, the company has filed a patent for its CRISPR/Cas9 technology, the gene-editing technique by which parts of DNA are either removed or replaced with accuracy in Europe, Australia and Korea.

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

EDITOR'S PICKS