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Vigencell inventory crashes on Korean debut, however worth stays above provide worth

© Reuters.

From Gina Lee

Investing.com – South Korea's Vigencell Inc. was listed on the Korean Stock Exchange on Wednesday, and while the stock fell more than 15%, its price remained above the company's asking price of KRW 52,700.

Vigencell stock was down 16.87% to KRW 61,100 ($ 52.36) by 12:54 p.m. ET (4:54 p.m. GMT). They opened at KRW 73,500 and rose to KRW 78,000 before falling to KRW 61,000.

The company's goal was to raise approximately KRW 99.4 billion ($ 85.17 million) by issuing 1.88 million shares at a price of between KRW 42,800 and KRW 52,700.

Daishin Securities Co. Ltd. and KB Securities Co. Ltd. were the financial advisors.

Vigencell was founded in 2013 and develops immuno-oncology and immunosuppressant treatments for cancer and immune diseases, among others. It is particularly focused on the early commercialization of NK T cell lymphoma treatments.

Vigencell also has three platforms, ViTier, ViMedier and ViRanger, which are used to develop the treatments.

The company plans to use the funds raised to accelerate clinical trials, commercialize its products, and expand its global market share.

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