[Stock in Focus] Kanaph Therapeutics Surges 190% on First Day of KOSDAQ Listing

Kanaph Therapeutics, a new drug development company, is trading 190% above its IPO price on its first day listed on KOSDAQ. In early trading, the share price rose more than 200% compared to the IPO price.

As of 9:30 a.m. on March 16, Kanaph Therapeutics was trading at 58,300 won, up 191.5% (38,300 won) from its IPO price of 20,000 won. In early trading, the share price surged to 63,600 won, a 218% increase over the IPO price.

Kanaph Therapeutics was founded in February 2019 and specializes in new drug development. The company is currently developing innovative new drugs using human genome-based drug development technologies.

In particular, Kanaph Therapeutics aims to address unmet medical needs for patients with solid tumors through immuno-oncology drugs based on dual antibody technology targeting the tumor microenvironment and immune activation modulation, as well as next-generation ADC (antibody-drug conjugate) therapies.

The capital raised through the IPO will be used for clinical trials of its joint R&D pipeline, expansion of new pipelines, strengthening R&D capabilities, and operating funds.

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