Innovo Therapeutics has passed the technology assessment required for a special technology-track listing on the Kosdaq market, officially moving forward with its initial public offering (IPO) process.
Innovo Therapeutics' corporate identity
The company said Thursday that it received ratings of A and BBB from two accredited evaluation agencies as part of the technology assessment for a Kosdaq technology-special listing. The evaluations were conducted by eCredible and Seoul Credit Rating & Information.
Korea Investment & Securities is the lead underwriter. Innovo Therapeutics plans to file for a preliminary Kosdaq listing review later this year.
The technology assessment is a mandatory step for companies seeking a technology-track listing before submitting a preliminary IPO application. Innovo Therapeutics said the evaluation recognized the technological competitiveness, commercialization potential, and growth prospects of its proprietary AI drug discovery platform and pipeline.
Founded in 2019, Innovo Therapeutics has been developing novel therapeutics for immune, inflammatory, and oncology diseases based on its in-house AI drug discovery platform, “DeepZema.”
The company has recently begun to generate visible pipeline achievements as well. On May 12, Innovo Therapeutics signed a licensing agreement with Daewoong Pharmaceutical for its inflammatory bowel disease candidate “INV-008.” The company said the deal demonstrates external recognition of both its AI-powered drug discovery capabilities and the value of its pipeline.
In addition to INV-008, Innovo Therapeutics is advancing several in-house pipeline programs. Its scar treatment candidate, INV-001, has completed phase 2 clinical trials in Korea, while another inflammatory bowel disease treatment candidate, INV-101, has completed a phase 1 trial in the United States and received phase 2 IND approval from the FDA. The company plans to pursue both domestic and global clinical development alongside follow-up commercialization strategies.
Park Hee-dong, CEO of Innovo Therapeutics, said, “Passing the technology assessment officially validates the competitiveness of our AI drug discovery platform, the expertise of our core personnel, and the value of our pipeline. Building on these achievements, including the licensing deal with Daewoong Pharmaceutical, we will further accelerate clinical development and global business expansion through a Kosdaq listing."
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Innovo Therapeutics' corporate identity logo. (Courtesy of Innovo Therapeutics)
Hong Sook
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