Algenomics Announces IPO Bid: "Leading the Market with World's First RNA Transposase"

IPO Press Briefing... Expected Offering Amount: 35 to 46.4 Billion Won
Simultaneous Removal of Disease RNA and Expression of Therapeutic RNA

Algenomics, a company specializing in RNA-based gene therapeutics, is aiming to become the first to go public under the "Super Gap Technology Special Listing" program. The company plans to use the funds raised to advance its pipeline and accelerate global clinical trials.

Sungwook Lee, CEO of Algenomics, held an initial public offering (IPO) briefing session on the 3rd at the Fairmont Hotel in Yeongdeungpo-gu, Seoul, explaining future plans. Photo by Taewon Choi

Sungwook Lee, CEO of Algenomics, held an initial public offering (IPO) briefing session on the 3rd at the Fairmont Hotel in Yeongdeungpo-gu, Seoul, and stated, "We aim to lead the global market with our innovative modality featuring 'one substance, two functions,' which simultaneously removes faulty genes and replaces them with therapeutic genes." he said.

Algenomics' proprietary RNA editing and correction platform, based on RNA trans-splicing enzymes, is characterized by its ability to perform targeted RNA cleavage, ligation, and replacement with a single drug. It boasts scalability that allows simultaneous application to various mutations, safety by not causing DNA alterations, and optimal delivery efficiency tailored to specific indications.

Conventional gene-editing technologies, such as gene scissors, directly modify DNA, raising concerns about permanent genomic alterations and unintended off-target effects. Therapies like siRNA (small interfering RNA) or antisense oligonucleotides (ASO) are limited to inhibiting the production of disease-associated proteins.

In contrast, Algenomics' technology acts at the RNA level, not the DNA, eliminating concerns about genomic toxicity. It delivers a dual effect by removing disease-causing genes and generating therapeutic proteins at the same time. Lee explained, "If conventional gene editing is like correcting typos one by one in a sentence, our technology is akin to replacing the entire sentence with a new one." As a result, even if a patient's mutation sites vary, a single therapy can address multiple mutations.

The company's core pipeline, 'RZ-001,' is currently undergoing clinical trials for both liver cancer and glioblastoma, having received both Orphan Drug Designation (ODD) and Fast Track status from the U.S. Food and Drug Administration (FDA). For glioblastoma, Algenomics has obtained approval for an Expanded Access Program (EAP) and is administering the therapy to patients. For liver cancer, the company is conducting combination clinical trials with immuno-oncology agents, receiving these drugs free of charge from Roche and Celltrion under collaborative agreements.

Additionally, Algenomics possesses a diverse pipeline targeting diseases with high unmet needs, such as 'RZ-003' for Alzheimer's disease and 'RZ-004' for retinitis pigmentosa, aiming to address the root causes of these conditions.

Last year, Algenomics was designated as the "No. 1 National Strategic Technology Company" and a "National Strategic Technology Holder and Manager" by the Ministry of Science and ICT and the Korea Institute of Science and Technology Planning and Evaluation. Based on this, the company is pursuing a listing on the newly established Super Gap Technology Special Listing track. If successful, it will become the first company with national strategic technology under the Ministry of Science and ICT to be listed through this special program. In May, Algenomics demonstrated its technological competitiveness and commercialization potential by signing a global licensing agreement worth approximately 1.9 trillion won with the U.S. pharmaceutical giant Eli Lilly for the development of RNA editing and correction therapeutics.

Through its KOSDAQ listing, Algenomics plans to use the capital raised to further develop its RNA correction platform and accelerate the global clinical development and commercialization of its core pipeline. The company also intends to expand collaborations with global pharmaceutical firms through licensing and joint development, leveraging its original patents and proprietary technologies.

Lee stated, "Algenomics is presenting a new paradigm in the treatment of intractable cancers and rare diseases with high unmet needs, based on the world's first RNA trans-splicing enzyme platform. We will establish RNA trans-splicing enzyme technology as the next-generation standard therapy for intractable diseases and become a global leader in gene therapy, offering hope to patients suffering from difficult-to-treat conditions."

Through this IPO, Algenomics will offer 2.06 million shares. The desired offering price range is between 17,000 and 22,500 won, with the expected total offering amount between 35 billion and 46.4 billion won. The public subscription will take place on December 9 and 10, and the lead underwriters are Samsung Securities and NH Investment & Securities.

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