[Edaily, Reporter Lim Jung-Yo] "After passing the technical evaluation in the first half of 2025, we plan to apply for a preliminary listing review and aim for an IPO by the end of 2025 or at the latest in the first quarter of 2026."

IMBiologics CEO Kyung-Sik Ha made this statement on the 10th during an interview with Edaily at the "2024 National New Drug Development Program (KDDF) Outstanding Project Presentation" held at Hotel Naru Seoul M Gallery in Mapo-gu.

IMBiologics, selected as one of the six outstanding projects by KDDF, has recently gained attention as a biotech company with its antibody new drug pipeline. Its key pipeline, "IMB-101," is currently in Phase 1 clinical trials. Despite not having human proof-of-concept (PoC) data, the company signed two global technology transfer agreements this year. In June, it secured a $1.3 billion technology transfer agreement with Navigator Medicine in the U.S., receiving an upfront payment of 28 billion KRW. In August, IMBiologics also signed a $430 million agreement with Hangzhou Zhongmei Huadong Pharmaceutical in China, receiving an additional upfront payment of 11 billion KRW.

CEO Ha explained, "IMB-101 is a dual-antibody targeting both OX40L and TNF-a, simultaneously inhibiting inflammatory cytokines and adaptive immunity. The Phase 1A trial for rheumatoid arthritis has been completed, and we have confirmed its safety and pharmacokinetics." The company plans to expand indications for various autoimmune diseases based on future human PoC data.

Ha attributed the success of the technology transfer to the growing interest from global big pharma companies such as Sanofi and Amgen in OX40L. Sanofi, in particular, is focusing on OX40L research as a next cash cow to follow its blockbuster atopic dermatitis treatment, Dupixent. To bolster this, Sanofi acquired Ablynx for 5 trillion KRW in 2018 and Kymab for 1.9 trillion KRW in 2021, securing related pipelines.

Like Sanofi, IMBiologics is also pursuing a "two-track" strategy, developing both an OX40L-targeted monoclonal antibody and an OX40L-TNF-a dual-target inhibitor. However, Sanofi’s dual-target inhibitor is based on a nanobody (camel antibody) rather than a dual-antibody format, and it is currently undergoing Phase 2 trials for pyoderma gangrenosum, with data expected next year.

CEO Ha noted that in terms of OX40L antibody research and development for autoimmune diseases, Sanofi is 2-3 years ahead of IMBiologics. However, he emphasized that working with Sanofi will allow IMBiologics to learn whether the drug concept works in that disease area. Ha also mentioned that developing a new drug with a new target is a risky endeavor for a Korean bio venture, and that IMBiologics is following a "fast follower" and "best-in-class" strategy, moving quickly behind global big pharma.

Ha is confident in IMBiologics' ability to outperform Sanofi in terms of efficacy, as their OX40L-OX40 binding inhibition mechanism differs from Sanofi’s OX40L trimer formation inhibition. IMBiologics is also advancing other pipelines, including the non-clinical development of OX40L monoclonal antibody "IMB-102" and "IMB-104," a combination of OX40L monoclonal antibody and the ePENDY platform, which is being co-developed with Dong-A ST.

IMBiologics, founded in August 2020 by CEO Kyung-Sik Ha, has raised over 200 billion KRW in Series B funding as of July last year. The company has more than 10 financial investors, with lead investors including KB Investment and Atinum Investment. Other investors include Partners Investment, CJ Investment, K2 Investment Partners, Shinhan Venture Investment, and Yuanta Securities.

Regarding the IPO, CEO Ha stated, "If everything goes according to plan, we believe we can operate the business for more than five years using public offering funds without needing additional financing or deals." He also mentioned that although a pre-IPO funding round is not necessary according to their current financial plan, the possibility remains open depending on market conditions.

In preparation for the IPO, IMBiologics recently completed a 1:14 stock split, increasing its issued shares to 9.21 million, a prerequisite for ensuring adequate liquidity. Korea Investment & Securities and Shinhan Investment Corp. are serving as lead underwriters.

Source: Lim Jung-Yo (kaylalim@edaily.co.kr)