'Newcomer' Quadmedicine Overcomes Injectable and Oral Drug Limitations... Shifting the Paradigm in Drug Delivery

Quadmedicine, a company specializing in medical microneedle platforms, is trading above its IPO price on its first day on the KOSDAQ market. Quadmedicine aims to revolutionize skin-based therapies using its MAP platform, which leverages microneedle technology. The MAP technology is drawing attention as a new drug delivery method that addresses the limitations of traditional injectables and oral medications, thanks to its minimally invasive nature, precise dosing, room-temperature stability, and suitability for self-administration.

As of 9:58 a.m. on December 12, Quadmedicine was trading at 23,850 won, up 59% from its IPO price.

From November 24 to 28, the company conducted a five-day demand forecast for institutional investors, after which it set the IPO price at 15,000 won. Of the participating institutions, 99.1% submitted bids at or above the upper end of the proposed IPO price range of 12,000 to 15,000 won.

Quadmedicine is a platform company developing drug delivery technologies centered on skin-administered "Microneedle Array Patch (MAP)" products. It possesses three types of microneedle technologies: separable (S-MAP), coated (C-MAP), and particle-attached (P-MAP). With features such as minimal invasiveness, precise dosing, self-administration convenience, and room-temperature stability, the platform is highly versatile and can be applied to various formulations, including vaccines, peptides, and synthetic drugs.

The three platforms are designed to be applicable to a wide range of formulations, such as synthetic drugs and vaccines. Quadmedicine has established a competitive edge in quality, speed, and cost reduction through the world's only aseptic automated microneedle manufacturing process. By internalizing the entire process from formulation design and process development to manufacturing with automated equipment, the company has secured scalability for its platform. Based on this, Quadmedicine positions itself in the market as a company capable of simultaneously operating a diverse pipeline and achieving high-quality mass production for commercialization.

By internalizing every stage from formulation design and process development to GMP-compliant automated manufacturing equipment and aseptic production, the company has enhanced the clinical and regulatory applicability of microneedle pharmaceuticals. It became the first in Korea to obtain IND approval for a phase 1 clinical trial of a microneedle-based hepatitis B vaccine, establishing a clinical foundation. Quadmedicine is focusing on building a contract development and manufacturing organization (CDMO) business model by integrating contract development (CDO) and contract manufacturing (CMO) functions, including formulation and process development as well as clinical and commercial production. Leveraging this, Quadmedicine is expanding its business by pursuing various joint development and technology transfer projects with global pharmaceutical companies.

Kang Sion, a researcher at Korea Investment & Securities, stated, "We are developing eight pipelines focused on areas where microneedle technology offers significant benefits, such as osteoporosis, hepatitis B, and obesity," and added, "The osteoporosis treatment co-developed with Hanlim Pharmaceutical completed phase 1 clinical trials in Australia in April."

He further explained, "In the vaccine field, we are jointly developing dysentery/typhoid vaccines with GSK and a hepatitis B therapeutic vaccine with LG Chem," predicting, "Clinical development will accelerate across major pipelines."

Park Jongseon, a researcher at Eugene Investment & Securities, commented, "The company is working to enter the next-generation premium K-beauty market, with short-term plans to enter the premium skin regeneration and home care markets, and medium-term plans to enter the diagnostic and hair loss medical device markets." He added, "Quadmedicine is pursuing a strategy to replace global vaccine and high-value injectable markets based on the microneedle platform selected by GSK."

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