NH Investment & Securities Signs IPO Underwriting Agreement with Medical Microneedle Company Quadmedison

[Asia Economy Reporter Lee Seon-ae] NH Investment & Securities announced on the 30th that it has signed an underwriting agreement for an initial public offering (IPO) with QuadMedicine, a medical microneedle specialist company, to pursue a listing on KOSDAQ.

Founded in 2017, QuadMedicine is the world’s first company to succeed in microneedle process development and scale-up production based on medical device and pharmaceutical GMP standards. QuadMedicine’s medical microneedles consist of numerous micro-needles smaller than 1 mm arranged on an area about the size of a fingernail, utilizing transdermal drug delivery system (TDDS) technology to deliver active ingredients through the skin. These medical microneedles offer the advantage of enabling formulation and administration route changes for existing drugs, maximizing user convenience and drug delivery efficiency. Currently, numerous global companies and international organizations have high expectations for the scalability of microneedle platform technology, and are accelerating the development of microneedle-based vaccines and synthetic pharmaceuticals to gain a competitive edge.

Recently, QuadMedicine has attracted attention as a company capable of not only delivering active ingredients but also controlling release through additional formulation modification technology, along with in-house process development and quality control. Among these, new technologies such as the ‘multi-coating microneedle’ and ‘immediate separation microneedle,’ regarded as the most advanced in the industry, have been recognized, leading to joint development contracts with domestic pharmaceutical companies including LG Chem and Hanlim Pharm for vaccines and synthetic pharmaceuticals, with clinical trials underway. In particular, LG Chem is expected to enter Phase 1 clinical trials within this year with a hepatitis B vaccine microneedle.

Since last year, QuadMedicine has been intensifying its foundational technology development by continuously advancing major national projects. Since July last year, supported by the Gates Foundation-funded Light Fund, it has been jointly developing the world’s first 5-valent microneedle vaccine that is easy to administer to infants in underdeveloped countries with LG Chem. Additionally, as the lead organization for a project under the Ministry of Trade, Industry and Energy, QuadMedicine is aiming for clinical entry with Hanlim Pharm for the development of osteoporosis treatment microneedles, while also discussing commercialization of microneedles for hair loss treatments and other synthetic pharmaceuticals. Furthermore, it has been selected as a joint research institution for the development of a mucosal influenza vaccine delivery system led by the International Vaccine Institute (IVI), a UN-affiliated vaccine research institute, solidifying its position as a leading company in the medical microneedle platform sector.

An NH Investment & Securities official stated, “QuadMedicine is a company equipped with excellent formulation technology for changing formulations and administration routes, as well as process development and quality control systematization essential for microneedle scale-up production, and we expect a successful listing on the KOSDAQ market.” He added, “Despite the global attention on the innovation of this technology, microneedle technology has yet to be commercialized. Through support for the IPO and fundraising, we will contribute to QuadMedicine establishing itself as a global pharmaceutical bio company leading the worldwide transdermal drug delivery (TDDS) market.”

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