By Gina Lee
Investing.com – South Korea’s Vigencell Inc. listed on the Korean Stock Exchange on Wednesday, and while shares tumbled more than 15%, their price remained above the company’s offering price of KRW52,700.
Vigencell shares were down 16.87% to KRW61,100 ($52.36) by 12:54 AM ET (4:54 AM GMT). They opened at KRW73,500, climbing up to KRW78,000 before falling all the way down to KRW61,000.
The company had aimed to raise around KRW99.4 billion ($85.17 million) through its issuance of 1.88 million shares priced at the top of a KRW42,800 to KRW52,700 range.
Daishin Securities Co. Ltd. and KB Securities Co. Ltd. were the financial advisors.
Founded in 2013, Vigencell develops immune-oncology and immunosuppressants treatments for cancer and immune disorders among other diseases. It particularly focuses on the early commercialization of NK-T cell lymphoma treatments.
Vigencell also has three platforms, ViTier, ViMedier and ViRanger, that it uses to develop the treatments.
The company plans to use the funds raised to expedite clinical trials, commercialize its products and expand its global market shares.
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