[Featured Stock] Iwon Compotech Rises on 50 Billion KRW Export of Anticancer Diagnostic Technology by Investee Company

[Asia Economy Reporter Minwoo Lee] The stock price of Iwon Compotech is on the rise. The news that Innovation, a startup biotech company invested in by Iwon Compotech, signed a contract worth 50 billion KRW to export cancer diagnosis technology to the United States appears to have acted as a positive factor.

As of 10:45 AM on the 24th, Iwon Compotech's stock price is recorded at 8,770 KRW, up 6.69% from the previous day. This is due to the news that Innovation, a startup biotech company invested in by Iwon Compotech, signed a contract worth 50 billion KRW with the U.S. biotech company Metavagen (METAVAGEN) for the technology of the 'immune checkpoint inhibitor (immuno-oncology) companion diagnostic method' currently in the clinical trial phase.

Accordingly, Innovation will proceed with joint research with Metavagen for U.S. clinical trials and the approval process with the U.S. Food and Drug Administration (FDA). Once the clinical trials and related procedures are completed, Innovation plans to receive approximately 50 billion KRW and transfer the global exclusive business rights for the production and distribution of the companion diagnostic kit to Metavagen.

Meanwhile, Iwon Compotech announced on the 14th that it acquired 25,000 shares of Innovation for 2.5 billion KRW. The shareholding ratio is 29.4%.

This content was produced with the assistance of AI translation services.