The company plans to offer 5 million shares at a proposed price range of 10,500 won to 13,000 won apiece, putting the total offering at between 52.5 billion won and 65 billion won. Korea Investment & Securities is the lead underwriter.
Founded in 2021, NEX-I develops antibody-based cancer treatments for patients who do not respond to existing immunotherapies or who develop resistance during treatment.
NXI-101, the company's main drug candidate, targets a newly identified factor linked to resistance to cancer immunotherapy. NEX-I licensed the drug's global development and commercialization rights to Japan's Ono Pharmaceutical, a major drugmaker known for cancer treatments.
The company is also developing NXI-201, another drug candidate that has entered clinical development after receiving trial approval in South Korea. The company plans to advance the program while seeking opportunities for global development and partnerships.
Beyond these clinical programs, NEX-I is developing new candidates using antibody-drug conjugates (ADCs), which combine targeted antibodies with cancer-killing drugs.
The company plans to use the IPO proceeds mainly to advance NXI-201's clinical development and fund research into new drug candidates, including next-generation ADCs.
AJP Takeaways
- NEX-I plans to offer 5 million shares at a proposed price range of 10,500 won to 13,000 won each in its KOSDAQ initial public offering, seeking to raise up to 65 billion won.
- NEX-I licensed global development and commercialization rights for its main drug candidate, NXI-101, to Japan's Ono Pharmaceutical, which is now developing the treatment in clinical trials.
- NEX-I plans to use the IPO proceeds mainly to advance clinical development of NXI-201 and fund research into new drug candidates, including next-generation antibody-drug conjugates.
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