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Vaxcell-Bio to debut on stock market this month

All News 14:29 September 03, 2020

SEOUL, Sept. 3 (Yonhap) -- South Korean cancer immunotherapy drug company Vaxcell-Bio Therapeutics Co. said Thursday it will list its shares on the local stock market later this month.

Vaxcell-Bio plans to issue 985,160 new common shares at a price range of between 30,000 (US$25.30) and 35,000 won in the planned initial public offering (IPO).

The company said its shares are scheduled to debut on the country's tech-heavy secondary KOSDAQ market on Sept. 22.

The corporate logo of Vaxcell-Bio Therapeutics Co. (Yonhap)

Vaxcell-Bio said it hopes to raise up to 34.5 billion won through the share sale managed by Hana Financial Investment Co.

The offering price will be finalized after a two-day demand forecast from Thursday, and a public subscription will be held on Sept. 10-11.

Founded in 2010, Vaxcell-Bio said the proceeds from the share sale will be used to advance the establishment of a production line for cancer treatments using immunotherapy.

Based in Hwasun, about 280 kilometers south of Seoul, the company also said it is now developing a cancer immunotherapy platform capitalizing on natural killer cells and dendritic cells.

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