InskoBi Subsidiary APUS Announces Clinical Trial Plans and Fund Allocation Following US Listing

KOSPI-listed company InskoBi officially announced on May 22 its clinical trial plans and use of public offering funds for its subsidiary, Apimeds Pharmaceuticals US Inc. (hereinafter "APUS"), following the company's listing on the NYSE American market of the New York Stock Exchange. This announcement was made in response to recent questions raised by some shareholders regarding the target disease for the Phase 3 clinical trial.

Immediately after APUS's listing, on May 9 (U.S. local time), the company updated and disclosed its prospectus (424B4) on the U.S. Securities and Exchange Commission (SEC) EDGAR system. The "Use of Proceeds" section of the document specifies the intended use of the funds raised through this public offering.

The main issue was whether the Phase 3 clinical trial would target severe osteoarthritis (OA) or multiple sclerosis (MS). The company had repeatedly stated that the funds would be invested in a Phase 3 clinical trial for multiple sclerosis. However, since the prospectus mentioned a Phase 3 clinical trial for osteoarthritis, some investors raised questions after reviewing the document.

In response, the company clarified, "There has been no withdrawal or change in the plan for the Phase 3 clinical trial for multiple sclerosis," adding, "Since generating clinical data for multiple sclerosis requires more time and resources, we plan to first complete the Phase 3 clinical trial for osteoarthritis to enhance the efficiency and likelihood of success of the clinical trials, and then proceed with the clinical trial for multiple sclerosis."

According to the prospectus, of the $13.7 million raised, $9.3 million will be allocated to the Phase 3 clinical trial for severe osteoarthritis, $1 million to the clinical trial for multiple sclerosis, and another $1 million will be used for manufacturing products for the clinical trials. The company apologized for any confusion caused by not informing shareholders in advance about changes related to the clinical plans and promised transparent communication going forward.

A company representative stated, "APUS expects to be able to operate stably for at least one year based on the funds secured and existing cash holdings, and anticipates achieving key clinical research and product development milestones within two years." The representative also said, "We are currently in contract negotiations for selecting a CMO (contract manufacturing organization) and CRO (contract research organization) in the United States, and will commence clinical trials without delay as soon as the contracts are finalized."

The representative further commented, "This APUS listing is significant not only as a means of capital raising, but also for expanding global partnerships, improving the stock distribution environment, and enhancing market trust," and added, "We will continue to ensure transparent fund management and do our utmost to maximize shareholder value."

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