SUWON, South Korea, July 23, 2018 /PRNewswire/ -- OliX Pharmaceuticals, Inc., a leading developer of RNA interference (RNAi) therapeutics, has successfully completed its public listing on the Korea Securities Dealer Automated Quotation (KOSDAQ) in the Korean stock market on July 18. On its first day of trading, shares of OliX closed at KRW65,600 ($58) per share with its market capitalization standing at KRW422 billion ($373 million).
OliX could be listed on the secondary bourse KOSDAQ based on the special listing system of Korea (i.e. allowing unprofitable but promising companies to go public) after receiving high ratings (A grade) from the evaluation agencies last October. Thanks to its intensive investor relations activities, the public subscriptions were recorded with the high competition ratio of 847:1.
OliX issues 1.2 million new common shares, collectively raising nearly KRW43 billion ($38 million).
Dong-ki Lee, CEO of OliX who has leaded the organization since 2010, stated, "Most of the raised capital will be used for research and development of therapeutic programs including hypertrophic scar (OLX101), idiopathic pulmonary fibrosis (OLX201), and age-related macular degeneration (OLX301A and OLX301D)."
OliX KOSDAQ listing image: https://imgur.com/a/MavI2Lw
OliX Pharmaceuticals, Inc.
OliX is a clinical stage pharmaceutical company developing therapeutics against a variety of disorders by down-regulating expression of disease-causing genes, based on its own proprietary RNAi technology. The company is currently developing novel therapeutic programs for treatment of various diseases with high unmet medical needs, including hypertrophic scar, dry form of age-related macular degeneration (AMD), subretinal fibrosis, and idiopathic pulmonary fibrosis (IPF).
SOURCE OliX Pharmaceuticals, Inc.