[E-Daily Reporter NA EUN-KYUNG ] On the 23rd, as the KOSDAQ Pharmaceutical Index fell for the second consecutive day, buying interest surged for stocks with positive individual catalysts. G2GBIO, Inc. has been on an upward trend for consecutive days amid expectations for follow-up commercialization following a platform evaluation agreement with China’s UBT. Noul Co., Ltd. hit the daily price limit following news of an investment from ZGOO Holdings. FutureChem Co., Ltd. rose 26.7% during regular trading after releasing U.S. clinical trial results for a prostate cancer treatment and reached the daily price limit on the Nextrade after-hours market.

G2GBIO, Inc.: UBT Agreement and Expectations for Collaboration with Novo

According to KG Zeroin MP Doctor (MP DOCTOR, formerly Market Point) on that day, #G2GBIO, Inc. closed the regular session at 49,700 won, up 20.6% from the previous day. G2GBIO, Inc. closed regular trading at 49,700 won, up 20.6% from the previous day. This represents a 59.6% increase over five trading days compared to the closing price of 31,150 won on the 16th—the trading day immediately prior to the company’s announcement on the 19th regarding a platform evaluation agreement with China’s UBT. Expectations for subsequent commercialization appear to be growing, even though the contract is still in the evaluation phase and the contract amount has not been disclosed.

Under this agreement, G2GBIO, Inc. will apply its long-acting drug delivery platform, “InnoLAMP,” to candidate compounds provided by UBT to evaluate the potential for developing long-acting injectable drugs. The contract term runs until the earlier of the completion of the research or 12 months from the contract date.

UBT is a wholly-owned subsidiary of China’s United Pharmaceutical and has developed the obesity treatment “UBT251.” Last March, UBT licensed the global development and commercialization rights for UBT251 (excluding Greater China) to Novo Nordisk for an upfront payment of $200 million (approximately 270 billion won) and up to $2 billion (approximately 2.7 trillion won) in milestone payments. UBT251 is a triple-action agent that simultaneously stimulates the glucagon-like peptide (GLP)-1, glucose-dependent insulinotropic polypeptide (GIP), and glucagon (GCG) receptors; it shares the same mechanism of action as Retatruotide, which is currently being developed by Eli Lilly.

Although G2GBIO, Inc. has not disclosed the specific compound involved, the market appears to anticipate that it is likely UBT251. If the potential for developing a long-acting formulation in Greater China—where UBT holds rights—is confirmed, this could lead to a collaboration with Novo Nordisk. However, G2GBIO, Inc. has not disclosed details regarding the specific compound or Novo Nordisk’s involvement.

The weight loss efficacy of UBT251 is also drawing attention. Although the results come from different patient cohorts and trial designs, in the Chinese Phase 2 clinical trial, the 24-week weight loss rate in the 4 mg dose group was 19.7%, which was numerically higher than the 17.5% recorded by the 12 mg dose group in Retatruotide’s global Phase 2 clinical trial over the same period.

A representative from G2GBIO, Inc. stated, “Since we are securing a variety of data based on our high-concentration technology, we believe there is a possibility that the evaluation could be brought forward from the 12 months stated in the disclosure,” adding, “We are also in discussions with companies other than UBT, and we believe this reflects the expectation that various partnerships will lead to tangible results.”

Noul Co., Ltd.

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Lee Jae-woong’s ZGOO Holdings as New Largest Shareholder

Noul Co., Ltd.(376930)hit the daily price limit, rising 29.96% from the previous day to 1,670 won. This reflected expectations of reduced financial burdens and expanded domestic operations following news of an investment from U2BIO CO., LTD.(221800).

On the same day, Noul Co., Ltd. decided to conduct a third-party private placement to raise 2.75 billion won in operating funds from ZGOO Holdings. The issuance consists of 1.1 million common shares at an issue price of 2,500 won per share. The payment date is the 9th of next month, and all new shares will be subject to a one-year lock-up period. Once payment is complete, ZGOO Holdings is expected to become the largest shareholder.

ZGOO Holdings is a business and investment holding company led by Lee Jae-woong, the founder of Daum; it is the company formerly known as U-T Bio, which changed its name upon transitioning to a holding company structure. It has subsidiaries such as U-T Bio, which operates in the in vitro diagnostics and medical IT sectors, and aims for long-term investments that support the capital and business capabilities of portfolio companies while respecting the management of their founders.

Noul Co., Ltd. is placing greater emphasis on business collaboration than on the size of the investment. It is exploring ways to expand its domestic business footprint by linking with the domestic diagnostic lab chain operated by U-T Bio. The company explained that specific details of the collaboration are currently under discussion with the investor.

A Noul Co., Ltd. official explained, “The current management structure will remain in place even after the change in the largest shareholder,” adding, “ZGOO Holdings has an investment philosophy that respects founder-led management, and this investment is focused on strategic and business synergies rather than the amount itself.”

However, financial instability remains. Noul Co., Ltd. was designated as a “monitored stock” on August 13 after its stock price fell below 1,000 won for 30 consecutive trading days. Although the company subsequently carried out a 5-for-1 stock consolidation, it still needs to improve its financial structure—including reducing losses—alongside a recovery in its stock price. The company plans to use the funds raised this time for next year’s operating expenses, and no additional fundraising has been confirmed.

Noul Co., Ltd. official stated, “We view the rise in the stock price as resulting from the partial alleviation of financial risks and the market’s positive assessment of our plans to expand domestic operations,” but added, “This capital increase does not completely eliminate the risks associated with being a ‘monitored stock,’ and we must continue to monitor items such as losses from continuing operations before corporate income tax deductions until the end of the year.”

FutureChem Co., Ltd. Confirms Anticancer Effects in the U.S.; Discussions on Technology Export via CS CORPORATION by Year-End

FutureChem Co., Ltd.(220100)The stock closed regular trading at 8,770 won, up 26.7% from the previous day. It subsequently extended its gains in the Nextrade after-hours market, reaching the daily price limit of 8,990 won. The release of topline results from the U.S. Phase 2a clinical trial of the prostate cancer treatment candidate “FC705” drove the stock price higher.

This clinical trial was conducted on 20 patients with metastatic castration-resistant prostate cancer who had previously received taxane-based chemotherapy. FC705 was administered at a dose of 100 mCi per session, up to six times at 8-week intervals.

The objective response rate (ORR), assessed according to the RECIST 1.1 criteria based on changes in tumor size, was 38.9%. Among the 18 patients with measurable lesions, 7 showed a complete or partial response. Of these, 5 achieved a complete response according to the criteria. The company explained that confirming the antitumor efficacy in the U.S. following the domestic clinical trial has strengthened the basis for technology export negotiations.

The primary competitor for FC705 is Novartis’ “Flubicto.” Both drugs target prostate-specific membrane antigen (PSMA) to deliver the radioactive isotope lutetium-177 and attack cancer cells. The standard dose for Flubicto is 200 mCi per administration, while FC705 uses half that amount.

The key to entering the market lies in demonstrating safety and supply advantages while maintaining sufficient therapeutic efficacy even with a lower radiation dose. In addition to the initial response—tumor shrinkage—it is necessary to confirm how long the effect lasts and to what extent it slows disease progression. Another differentiating factor is whether it can reduce the burden of side effects associated with Flubicto, such as bone marrow suppression and nephrotoxicity.

This topline report did not include a safety analysis. The company plans to secure the Complete Study Report (CSR) by the end of this year and announce interim results—including progression-free survival metrics—from its domestic Phase 3 trial next year.

FutureChem Co., Ltd. official stated, “The significance of these topline results lies in the fact that they include clinical data from a U.S. trial involving Caucasian patients,” adding, “Once we receive the CSR by the end of the year, we will submit the data to global pharmaceutical companies based on the complete dataset and begin full-scale discussions on technology transfer.”