[Click eStock] "NaiVec Undervalued Compared to Peer Companies"

[Asia Economy Reporter Hyunseok Yoo] Kiwoom Securities analyzed on the 24th that Naibec is often undervalued compared to peer companies. No investment opinion or target price was provided.

The company possesses a peptide-based drug delivery platform (NIPEP-TPP, NIBEC PEPTIDE with target tissue penetration property). It is currently in preclinical stages for indications including lung cancer, breast cancer, colon cancer, and prostate cancer. By incorporating targeting (cancer stem cell target domain) into the cell-penetrating peptide (CPP), it holds a competitive advantage with high selectivity.

Researcher Hyemin Heo of Kiwoom Securities stated, "Because it selectively penetrates only cancer cells, side effects are expected to be low, and the desired effect can be achieved with a small dose." She added, "Following joint research and development with global big pharma related to the platform, a platform material transfer agreement (MTA) was signed with a UK-based biopharmaceutical company last February, increasing interest from global pharmaceutical and bio companies in the platform since the second half of last year."

She further said, "Preclinical studies based on the NIPEP-TPP platform for KRAS G12C are underway, and it is presumed that global pharmaceutical companies aiming to enter the KRAS G12C anticancer drug competition have high interest." She added, "It is expected that within this year, it will be possible to confirm whether targeting and therapeutic effects occur in a mouse model induced with lung cancer." She also noted, "Work is ongoing to elucidate the blood-brain barrier (BBB) penetration mechanism, and if confirmed, there is potential for platform expansion to BBB penetration."

She emphasized that Naibec is undervalued compared to peer companies. Researcher Heo said, "There is Cellivery, a company possessing cell-penetrating platform technology, whose TSDT platform is at the preclinical stage with a market capitalization of 821.4 billion KRW." She stressed, "They have signed two material transfer agreements (MTAs) with global multinational companies, and platform expansion into the brain disease field is also possible. Besides the platform, multiple new drug pipelines are approaching clinical entry." She added, "Although Cellivery and Naibec have similar cell-penetrating platforms and clinical stages, Naibec is judged to be significantly undervalued compared to peer companies."

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