April 24, 2024

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Korean biotech firm Bridge Biotherapeutics is aiming to get listed on the second-tier KOSDAQ market this year, having picked KB Securities and Daishin Securities as its IPO manager, according to company sources on Feb. 13.

“We have two new candidates that are undergoing clinical trials this year, and we also recently signed a deal with Daewoong Pharmaceutical to develop a new drug for treating ulcerative colitis. So, we have some positive outlooks for an IPO this time,” a Bridge Biotherapeutics official told The Investor. 

Last year, the company chose KB Securities as its sole IPO manager and applied under relaxed standards that allow the listing of promising companies that have not yet posted significant profits, but failed to go public in May.

In 2015, Bridge Biotherapeutics, which is a no-research-development-only firm, was established by the co-founder of CrystalGenomics Lee Jung-kyu. The Korean company declined to state the amount, but it is currently raising series C round funding, which is set to be closed before end-February. It has so far raised 14.5 billion won (US$12.93 million) and 13.8 billion won through its series A and series B rounds, respectively.

By Song Seung-hyun (ssh@heraldcorp.com)