[Edaily Reporter NA EUN-KYUNG ] ABION Inc.(203400)has submitted a business improvement plan to the Korea Exchange. This move comes after the company was selected for a substantive review of its listing eligibility last September, and it is taking steps to maintain its listing. A decision on whether the company will be delisted or granted a grace period is expected by the 20th of next month.

The KOSDAQ Market Division of the Korea Exchange announced that ABION Inc. submitted its business improvement plan on the 23rd. The Exchange plans to decide, following deliberation and a resolution by the Corporate Review Committee, whether to delist the company or grant it a remediation period by November 20—within 20 business days of the submission date.

On August 14, ABION Inc. disclosed that its second-quarter revenue for this year fell short of 300 million won, triggering grounds for a substantive review of its listing eligibility. At that time, second-quarter revenue stood at approximately 137 million won, meeting the criteria for a substantive review under KOSDAQ listing regulations—specifically, the suspension of principal business operations.

Consequently, trading in ABION Inc.’s shares was suspended starting August 14. The exchange extended the investigation period to conduct a review and, on September 30, decided to subject ABION Inc. to a substantive review of its listing eligibility.

ABION Inc. is a new anticancer drug development company established in 2007. After listing on KONEX in 2014, it transferred its listing to KOSDAQ in 2021 under the technology exception scheme. The company is developing “Babamekip (ABN401),” a treatment for non-small cell lung cancer that targets the hepatocyte growth factor receptor (c-MET), as well as “iRAC,” an interferon beta-based immuno-oncology platform.

Although the company relies on new drug development and technology transfer as its primary business model, it has struggled to secure a stable revenue base. Last year’s revenue totaled only approximately 880 million won, and the company continued to post operating losses in the first half of this year.

Recently, the company has also achieved success in technology transfer for commercialization. On the 30th of last month, ABION Inc. signed a joint research and technology transfer agreement with LigaChem Biosciences for an immune cytokine-antibody drug conjugate (iADC). However, the signing of the technology transfer agreement and the recognition of eligibility for listing are separate matters; the company must pass the exchange’s review before stock trading can resume.

If the Corporate Review Committee acknowledges the company’s eligibility for listing, follow-up procedures—such as the lifting of the trading suspension—will proceed. On the other hand, if a grace period is granted, the company must undergo another review after the period ends to determine whether it has implemented its improvement plan.

Even if delisting is decided, ABION Inc. will not be immediately delisted. ABION Inc. may file an appeal within 15 business days of the date of notification of the decision; if an appeal is filed, the exchange will convene the KOSDAQ Market Committee within 20 business days to reconsider whether to proceed with delisting or grant a remediation period.

ABION Inc.’s shares are currently suspended from trading. The timing of the resumption of trading and whether the company will retain its listing status are expected to be determined based on the Corporate Review Committee’s decision.