ABL Bio "Profitable This Year... Will Become a Survival Case Through Technology Transfer"

Lee Sang-hoon, CEO of ABL Bio, is explaining 'ABL301,' recently licensed out to Sanofi, at a YouTube corporate briefing held on the afternoon of the 8th. / Screenshot from ABL Bio YouTube

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[Asia Economy Reporter Chunhee Lee] ABL Bio, a bispecific antibody specialist company, announced plans to continue sustainable growth by securing more than 150 billion KRW in cash through technology exports this year, thereby enhancing financial stability, and by initiating Phase 1 clinical trials for three pipelines this year.

On the afternoon of the 8th, Lee Sang-hoon, CEO of ABL Bio, explained at an online corporate briefing held via YouTube, "We will secure more than 210 billion KRW in cash this year alone," adding, "We have secured cash and achieved financial stability without additional paid-in capital increases." He also expressed his ambition, saying, "This year, we can move from a deficit company for six years into profitability," and "ABL Bio can create a good example of surviving and turning profitable through technology transfer."

ABL Bio attracted industry attention last month on the 12th by licensing its bispecific antibody candidate 'ABL301' for the treatment of Parkinson's disease and other degenerative brain diseases to global big pharma Sanofi. The deal is worth up to 1.06 billion USD (approximately 1.2694 trillion KRW), with a non-refundable upfront payment alone reaching 75 million USD (about 90 billion KRW), making it one of the largest 'big deals' in the history of Korean biotech companies.

CEO Lee explained that the receipt of funds is currently delayed due to administrative procedures such as the U.S. Hart-Scott-Rodino Antitrust Improvements Act (HSR), but "the contract payment of about 90 billion KRW will be received by the end of this month or early next month." In addition, a short-term milestone payment of 54 billion KRW related to Phase 1 dosing is expected to be received within this year, and when combined with at least 10 billion KRW in milestones from other technology export contracts, the total funds secured this year will reach 211 billion KRW.

Based on this financial strength, ABL Bio plans to enter Phase 1 clinical trials for three major pipelines within this year. ABL301, for which ABL Bio will conduct Phase 1 and Sanofi will handle subsequent Phases 2 and 3, is scheduled to apply for Phase 1 trials in September. The breast cancer-targeting immuno-oncology drug 'ABL105,' co-developed with Yuhan Corporation, and 'ABL101,' targeting B-cell maturation antigen (BCMA) related to multiple myeloma, are also planned to enter Phase 1 trials within this year.

Following the ABL301 big deal, additional technology exports will continue. Besides the BBB shuttle-based bispecific antibody 'Grabody-B,' ABL is developing various bispecific antibodies such as 'Grabody-T' and 'Grabody-I.' CEO Lee stated, "Additional technology transfers may come through Grabody-B this year," and explained that due diligence for licensing agreements with two other global big pharma companies besides Sanofi has been completed.

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