Quadmedicine Co., Ltd. (CEO Seungki Baek), a medical microneedle platform specialist, has filed a securities report with the Financial Supervisory Service (FSS), beginning the process for listing on the KOSDAQ market. The company previously received preliminary listing approval from the Korea Exchange on September 29.
A total of 1.7 million shares will be offered through this listing, with the target offering price set at between 12,000 and 15,000 won per share. Based on this price, the projected offering value is estimated at between 20.4 billion and 25.5 billion won. NH Investment & Securities is the lead underwriter for the listing.
The demand forecast for institutional investors will be conducted for five business days from November 14th to 20th, and after the final public offering price is confirmed, general subscription will be conducted on November 25th and 26th, with the goal of listing on KOSDAQ in early December.
Quad Medicine is developing a microneedle platform, a next-generation drug delivery technology that overcomes the limitations of injectable and oral medications. Microneedles deliver drugs through the skin, reducing pain and the risk of infection while enhancing drug absorption and therapeutic efficacy.
The company has secured an infrastructure capable of handling all microneedle-related processes, including precision machining and injection molding, formulation development, and mass production facilities, all using its own technology. A notable feature is its automated system for aseptic processes, ensuring both consistent quality and efficiency.
Quad Medicine utilizes separate (S-MAP) and coated (C-MAP) platforms, depending on the drug's characteristics. The S-MAP platform, in collaboration with Hanlim Pharmaceutical, has completed Phase 1 clinical trials overseas for an osteoporosis treatment. The C-MAP platform, formulated based on LG Chem's hepatitis B vaccine raw materials, is currently undergoing Phase 1 clinical trials for a microneedle-based vaccine in Korea.
Currently, the company has a diverse pipeline of products, including measles and rubella vaccines, obesity treatments, and hair loss treatments. The funds secured after listing will be used to expand clinical trials and develop new pipelines.
The company believes that the microneedle platform can be established as a new drug delivery system that complements existing oral, injectable, and patch formulations, and is also considering expansion into the global pharmaceutical market.
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