[Intocell Plunges on Termination of Technology Transfer Agreement... Hits New Low]
Intocell shares are plunging following news of a terminated technology transfer agreement. The stock hit a new 52-week low during intraday trading.
As of 9:22 a.m. on July 10, Intocell was trading at 28,650 won on the Korea Exchange, down 10,150 won (26.16%) from the previous day. During the session, the price dropped to 28,500 won, marking a new 52-week low.
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The previous day, ABL Bio announced via public disclosure that it had notified Intocell of the termination of their antibody-drug conjugate (ADC) platform technology licensing agreement, which had been signed on October 23, 2024. ABL Bio explained, "Due to patent issues arising from Intocell's Nexatecan technology, there is uncertainty regarding the lack of secured patents or the potential infringement of third-party patents if this technology is used. As a result, it is no longer possible to continue ADC research and development using Nexatecan, and the agreement has therefore been terminated."
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