HK Innoen, "K-CAB to Become a Global Biohealth Company Through COVID-19 Vaccine and More"

Kang Seok-hee, CEO of HK Innoen, is speaking at the online IPO investor briefing on the 22nd. (Photo by HK Innoen)

[Asia Economy Reporter Lee Chun-hee] HK Innoen, which is scheduled to be listed on the KOSDAQ next month, announced its goal to pursue corporate growth through the development of new products such as the COVID-19 vaccine, led by Korea's 30th new drug, K-CAB.

Kang Seok-hee, CEO of HK Innoen, stated at an online press conference on the 22nd, "We plan to strategically foster the vaccine business to maximize not only financial value but also synergy with existing businesses." He presented K-CAB, 16 pipelines, the market-leading hangover remedy, and entry into the dermacosmetic business through collaboration with Korea Kolmar as the directions for HK Innoen's future.

HK Innoen's current flagship product is K-CAB. It is the 30th new drug developed domestically and, after its launch in 2019, achieved the number one market share in Korea within six months and surpassed a cumulative prescription amount of 100 billion KRW within 22 months, making it a next-generation cash cow product.

The company aims to expand K-CAB into 100 countries worldwide by 2028. Currently, it has signed license-out contracts in 24 countries, including China. Notably, in China, it signed the world's first contract for the launch of an injectable formulation in June.

Among the 16 pipelines HK Innoen plans to promote following K-CAB, the most notable is the COVID-19 vaccine 'IN-B009.' CEO Kang emphasized its excellence, saying, "We have currently applied for Phase 1 clinical trials," and described it as a recombinant protein vaccine free from side effects and production and storage issues seen in other commercial vaccines. He also mentioned, "Using cell-penetrating antigen proteins, it induces a higher immune response compared to other vaccines."

Additionally, the bivalent hand, foot, and mouth disease vaccine 'IN-B001' is currently in Phase 1 clinical trials, with Phase 2 expected next year. Hand, foot, and mouth disease currently has no treatment, and only a monovalent preventive vaccine has been developed in China. CEO Kang stated, "It is expected to provide broad treatment including two highly fatal antigens (Enterovirus 71 and Coxsackievirus A16)."

Besides developing vaccines independently, HK Innoen has expanded its vaccine business capabilities by starting vaccine distribution and joint promotion with MSD Korea earlier this year. Through this, it distributes MSD's premium vaccines such as Gardasil (cervical cancer vaccine), Zostavax (shingles vaccine), and RotaTeq (rotavirus vaccine), increasing hospital and clinic clients while linking sales of its own high-profit products.

The company is also entering the next-generation cell and gene therapy market, developing immune cell and gene therapies focused on hematologic and solid cancers, aiming to commercialize CAR-T and CAR-NK technologies.

Furthermore, HK Innoen plans to continuously expand its HB&B sector, including hangover remedy functional beverages, health supplements, and dermacosmetics. In addition to steady sales of hit products such as 'Condition,' which has consistently held the number one market share in hangover remedies, and the health drink 'Hutgae-su,' the company is exploring entry into the dermacosmetic business through collaboration with its parent company, Korea Kolmar.

The company also disclosed plans for the use of new funds raised through this IPO. Won Seung-chan, Executive Director of HK Innoen's Corporate Planning Office, said, "The new funds are expected to be at least 300 billion KRW. Of this, 150 billion KRW will be used for investments in future growth, and the remaining 150 billion KRW will be used to improve the financial structure by repaying borrowings."

CEO Kang said, "Based on world-class pharmaceutical bio technology and know-how and leading manufacturing capabilities, we will establish ourselves as Korea's representative global No. 1 biohealth company."

HK Innoen plans to conduct demand forecasting from the 22nd to the 26th and subscription from the 29th to the 30th, aiming for a KOSDAQ market listing early next month. The total public offering size is 10,117,000 shares, with an expected offering price of 50,000 to 59,000 KRW. Accordingly, the total public offering amount is estimated at 505.9 billion to 596.9 billion KRW. Korea Investment & Securities, Samsung Securities, and JP Morgan Securities are managing the offering.

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