Massachusetts-based Ingenia Therapeutics, a clinical-stage biotech whose lead ophthalmology antibody is being developed by Merck, began trading on KOSDAQ on August 18. Offering size, price range, and gross proceeds were not disclosed in the company's announcement.
The listing reflects Ingenia's strong Korean operational roots: its core TIE-body and LCIDEC (Ligand Capture and Internalization into Endothelial Cells) platforms originate from the Korea Advanced Institute of Science and Technology (KAIST) and the Institute for Basic Science (IBS), and the company maintains a local subsidiary in Seoul, Korea, alongside its Massachusetts headquarters and Australian operations. Prior private financing rounds, named investors, and crossover participation were not disclosed.
The company stated it will use IPO proceeds to advance IGT-303, a TIE2-targeting antibody for chronic kidney disease (CKD) and diabetic kidney disease, through Phase IIa trials in Australia, New Zealand, and South Korea; to advance IGT-532, an oncology candidate targeting solid tumors, toward clinical trials; and to progress preclinical assets including IGT-302 for glaucoma and IGT-627 for pulmonary arterial hypertension.
Ingenia's IGT-427 was licensed to EyeBio in 2022 and is now designated MK-8748 (Tiespectus) following Merck's acquisition of EyeBio in 2024. The bispecific antibody directly agonizes the TIE2 receptor while inhibiting VEGF, and Merck is advancing it into Phase III development across wet age-related macular degeneration and diabetic macular edema. Ingenia retains no development responsibility for MK-8748; milestone, royalty, or other payment terms under the licensing agreement were not disclosed.