Pharos I-Bio, Submission of Securities Report … Scheduled to be listed on the KOSDAQ in July

Pharos iBio (CEO Yoon Jeong-hyeok), an artificial intelligence (AI)-based innovative drug development company, announced on the 18th that it would submit a securities report to the Financial Services Commission and promote public offering procedures for listing on the KOSDAQ.

Established in 2016, Pharos iBio’s main business is the development of treatments for rare and intractable diseases based on its own AI platform. Major pipelines secured include ‘PHI-101’, an acute myeloid leukemia treatment, ‘PHI-201’ (pan-KRAS inhibitor), an anti-cancer drug, and ‘PHI-501’ (malignant melanoma, refractory colorectal cancer, triple-negative breast cancer). ), etc.

Pharos iBio has a differentiated new drug development process using its own AI platform ‘Chemiverse’. Chemiverse has a framework that can manage new drug pipelines in real time with fewer resources and in a short time through big data analysis using artificial intelligence.

The treatment of rare and intractable diseases is the market that Pharos iBio is focusing on. Rare and incurable diseases only account for 8.6% of about 7,000 diseases, with about 1,600 treatments available. According to global market research, the orphan drug market is expected to grow from $91 billion in 2016 to $352 billion in 2026. there is.

Yoon Jeong-hyeok, CEO of Pharos iBio, said, “New drug development takes a long time, but when completed, it can relieve the pain of many patients.” said.

The total number of shares that Pharos iBio is offering through this listing is 1,400,000 shares. The desired public offering price band is between 14,000 and 18,000 won, and the amount raised is between 19.6 and 25.2 billion won. The public offering price was finalized through demand forecasting on June 13-14, and subscriptions were conducted on the 20-21 of the same month, aiming to be listed in July. The organizer is Korea Investment & Securities.