이 기사는 2019년 11월 14일 08시00분 thebell에 표출된 기사입니다

U.S.-based immunotherapy drug development company NeoImmuneTech is accelerating preparations for its planned initial public offering (IPO) next year. The company has recruited four experts as members of the Scientific Advisory Board (SAB).

According to investment banking (IB) industry sources on November 11, NeoImmuneTech scouted Crystal L. Mackall, M.D., David Lebwohl, M.D., Debasish Roychowdhury, M.D., and Rafi Ahmed, Ph.D. as new members of SAB. The first SAB meeting was held on November 9 at the annual meeting of the Society for Immunotherapy of Cancer (SITC 2019) in Maryland, U.S.

"NeoImmuneTech has succeeded in recruiting world-renowned experts in cancer immunology this year. The company has put efforts into boosting its R&D capability with establishing its own R&D center in preparation for its listing on the Kosdaq," said a market watcher.

The drug development company plans to use Korea's technology exception policy to go public on the secondary Kosdaq market next year. The Korea Exchange (KRX) began to allow foreign companies to use the technology exception rule on the condition that they undergo stricter reviews on technological competitiveness. Foreign firms must receive 'A' rating from all two rating agencies designated by the KRX. Joint bookrunners for the IPO, Hana Financial Investment and Mirae Asset Daewoo, started the field due diligence and the company plans to go through technology assessment at the end of this year or early next year.

NeoImmuneTech established its Korea office in September to boost its R&D capability and set up a corporate R&D center at Pohang University of Science and Technology (POSTECH). The R&D center plans to expand the pipeline of Hyleukin-7™ and develop candidate material for new drugs.

IB industry views the establishment of the R&D center will play a vital role in passing its technology assessment. NeoImmuneTech had tried but failed to pass the assessment. At that time the company received 'A' rating from one of the two rating agencies, but the other agency gave 'BB' rating due to the absence of R&D center. Market views that the company has now removed its weak point.

Hyleukin-7™ , an immuno-oncology agent, is a T cell growth factor composed of a covalently linked homodimer of engineered Interleukin-7 (IL-7) molecule, biologically fused with the proprietary long-acting platform - hyFc™. IL-7 is known to be a critical factor for T cells homeostasis, acting to increase both the number and functionality of T cells. Hyleukin-7 amplifies and reinvigorates persistent T cell immunity in the treatment of patients with cancer and lymphopenia, thus providing unique opportunities for immuno-oncology (IO) combination strategies.

NeoImmuneTech added its bookrunners for its IPO next year. The company has an estimated enterprise value of 800 billion won to one trillion won. Market views the company is fairly valued amid depressed biotech sector on the Kosdaq market.

(By reporter Yang Jung-woo)