[THE INVESTOR] Korean drug development startup Vivozon plans to be listed on the second-tier KOSDAQ market this year, according to industry sources on Jan. 8.
“It is true that we are aiming to go public, but we cannot specify the time period yet,” a Vivozon spokesperson told The Investor.
The company has already picked Samsung Securities as its IPO manager. According to sources, it plans to apply for a preliminary IPO screening with the Korea Exchange during the first quarter.
Vivozon is known for its VVZ-149, a non-opioid analgesics that has similar level of effectiveness as opioid analgesics with less side effects. The drug has completed phase 2b clinical trials in the US last year. It is also hoping to further expand its presence in global markets after going public.
Industry watchers are expecting high demand for its shares, since Vivozon currently has the second-biggest trading volume on Korea’s over-the-counter stock market. The drug development firm’s market cap touched 1 trillion won (US$889.80 million) last year. At its current share price it is valued at around 710 billion won.
Established in 2008, Vivozon is currently an affiliate of Telcon Pharmaceutical, which holds 23 percent stake in the venture.
By Song Seung-hyun (firstname.lastname@example.org)