Preliminary Approval
Green Cross LabCell Corporation, a subsidiary of Green Cross, announced on Apr. 29 that it has received an approval of a preliminary screening for its planned initial public offering (IPO) on the Korean Securities Dealers Automated Quotations (KOSDAQ) from the Korea Exchange (KRX). Accordingly, the company will be listed on the KOSDAQ in early July after the listing process is complete.
Green Cross LabCell posted 34.5 billion won (US$30.25 million) in sales and 3.2 billion won (US$2.81 million) in operating profits last year. Green Cross is the largest shareholder of the company with a 48 percent stake, while Green Cross Holdings, a holding company of Green Cross, has an 11.5 percent stake as well.
As of the day applied for the preliminary review for the IPO, the company plans to list a total of 10.56 million shares and sell 2 million shares of them. The expected issue price per share will stand at 13,600 won to 15,900 won (US$12 to 14). The funds to be raised will be used to develop cell treatments.
Green Cross LabCell is developing “MG4101,” a cell therapy product which selectively cultivates natural killer (NK) cells in large quantities. NK cells are a type of immune cells which prevent cancer by destroying cancer cells and abnormal cells in the body. MG4101 has entered into phase 2 clinical studies in Jan. for the first time in the world as the cancer treatment containing NK cells from other people unrelated by blood.
Hwang Yu-Kyeong, managing director at Green Cross LabCell, said, “The company has raised the product quality and price competitiveness with cell mass culture and freezing technologies which are vital to the commercialization of cell treatments. Based on such technologies, we are developing the next-generation cell treatments like CAR-NK and anti-inflamatory stem cells. With funds raised from the IPO, we will continue to invest in developing excellent cell treatments which are competitive in global markets.”