[Edaily Reporter KIM SAE-MI ] On the 5th, in the biotech and healthcare sector, NGeneBio Co., Ltd.(354200)hit the daily price limit following news of a patent for precision leukemia diagnostic technology, while #PROTEINA CO., LTD. surged more than 23% on the news of a decision to raise 36.5 billion won in funding. In contrast, ADBIOTECH Co.,Ltd.(179530)plummeted more than 18% after the payment schedule for its convertible bonds (CBs) was delayed and a clause allowing for a downward adjustment of the conversion price was added.

NGeneBio Co., Ltd.

Soars

on Leukemia Diagnosis Patent… Will It Escape ‘Penny Stock’ Status?

According to KG Zeroin MP Doctor (MP DOCTOR) on that day

,

NGeneBio Co., Ltd. closed at 804 won, up 185 won (29.89%) from the previous day. The stock hit the daily price limit following news that the company had secured a patent for precision leukemia diagnosis technology.

NGeneBio Co., Ltd. announced today that it had secured a domestic patent for next-generation sequencing (NGS)-based technology to detect genetic mutations related to acute myeloid leukemia (AML).

This patent covers technology for identifying “FLT3-ITD,” a key genetic mutation used to assess the prognosis and risk of relapse in AML patients. The method involves re-validating mutation candidates detected by existing analysis programs using the company’s proprietary algorithm to filter out erroneous or duplicate mutations.

The company explained, “Performance evaluation results showed that 94.5% of falsely detected false-positive mutations were eliminated.” However, detailed verification results—such as the number of samples used in the evaluation and whether any false-negative results occurred where normal mutations were missed—were not disclosed.

The patented technology has already been applied to NGeneBio Co., Ltd.’s precision diagnostic panel, “MRD AccuPanel AML FLT3,” and its analysis software. It is also scheduled to be applied to the HEME panel for blood cancer diagnosis, which is currently under development with a target launch date in the first quarter of next year. Since the HEME panel is planned to be released as a research-use-only (RUO) product, it remains to be seen whether securing this patent will lead to an immediate increase in sales.

Meanwhile, NGeneBio Co., Ltd. was designated as a “monitored stock” on the 1st of last month due to a market capitalization below 20 billion won. On the 4th, the Korea Exchange (KRX) announced that if the closing price of the common stock remained below 1,000 won for 25 consecutive trading days, additional grounds for designation as a monitored stock could arise. If this condition persists for five consecutive trading days starting on the 5th, an additional designation ground—failure to meet the minimum stock price requirement—could be triggered.

Even after hitting the daily price limit, NGeneBio Co., Ltd.’s stock price closed at 804 won, falling short of 1,000 won. To recover to 1,000 won from the current price, the stock would need to rise an additional 24.4%. Its market capitalization also stood at approximately 12.9 billion won, still below the 20 billion won threshold for designation as a “monitored stock.”

A representative of NGeneBio Co., Ltd. commented, “There are no other significant positive factors besides this patent acquisition,” adding, “It’s surprising that the stock remained at the daily upper limit until the market closed on the back of the patent news.”

PROTEINA CO., LTD.

Raises

36

.

5 Billion Won Just Over a Year After Listing… Shares Up 23.7% on Institutional Reinvestment

On that day

, PROTEINA CO.,

LTD

.

closed at 52,900 won, surging 10,150 won (23.74%) from the previous day. The stock price soared on news that the company had decided to raise 36.5 billion won in funding

just over a year and

three months

after its initial public offering (IPO)

.

On the 4th, after the close of regular trading, PROTEINA CO., LTD. announced the issuance of 29.2 billion won in convertible bonds (CBs) and a third-party allocation capital increase of approximately 7.3 billion won in convertible preferred shares (CPS).

Major institutional investors, including the Mirae Asset Celltrion Bio Ecosystem Development Fund, AJU IB INVESTMENT CO., LTD., Kiwoom Investment, and Time Portfolio, participated in this investment round. Notably, existing investors made follow-on investments.

PROTEINA CO., LTD. explained, “It is highly significant that institutional investors who have been following us for a long time have reinvested,” adding, “We raised funds primarily from existing investors to finance new facility investments.”

The financing terms are also relatively favorable. The coupon rate for the convertible bonds (CB) is 0%, and the maturity interest rate is 1% per annum, with no separate burden of periodic interest payments. The conversion price for both the CB and the convertible preferred shares (CPS) is 48,061 won, which is 12.4% higher than the closing price of 42,750 won on the day of the announcement.

Of the 36.5 billion won raised, 26 billion won will be allocated to facility investments for the construction of an artificial intelligence (AI) biofoundry, while 10.5 billion won will be invested in research and development for the protein-protein interaction (PPI) analysis platform “PPI Landscape” and the development of the company’s own new drug candidates. The facility investments are scheduled to be carried out in phases from 2027 to 2029.

PROTEINA CO., LTD. stated, “We have been consistently explaining to investors since the middle of this year that we intend to pursue the AI biofoundry business,” adding, “The memorandum of understanding (MOU) signed with Twist Bioscience last August is also related to this project.” Previously, PROTEINA CO., LTD. announced that it would collaborate with Twist to conduct large-scale experimental validation of AI-based new drug candidates.

PROTEINA CO., LTD. has embarked on additional fundraising exceeding the amount raised in its initial public offering (IPO) on the KOSDAQ last July—just over a year and three months after raising approximately 21 billion won at the time of its listing. Although approximately 19.4 billion won of the IPO proceeds remained in the form of deposits and other assets at the end of the first half of this year, the company explained that separate funds are needed for new capital expenditures to build the AI biofoundry.

However, there is a significant gap between the earnings projections presented at the time of the IPO and the actual results. While PROTEINA CO., LTD. had projected revenue of 14.8 billion won for this year, actual revenue for the first half of the year amounted to only 500 million won. The operating loss for the first half also reached 8.7 billion won, significantly exceeding the projected annual operating loss of 2.0 billion won. The company did not provide specific revenue projections related to this investment.

ADBIOTECH Co.,Ltd. Plummets

Due

to Repeated Delays in Convertible Bond (CB) Payment and Addition of a Refixing Clause

On that day

, ADBIOTECH Co.,

Ltd.’s stock price closed at 1,385 won, plummeting 315 won (18.53%) from the previous day. This is believed to be due to the negative impact

of repeated delays in the convertible bond (CB) payment schedule and the addition of a clause

allowing for a downward adjustment (refixing) of the conversion price.

Earlier, at 6:31–6:32 p.m. on the 3rd, ADBIOTECH Co.,Ltd. submitted three consecutive amended disclosures regarding the issuance of its 10th through 12th series of CBs. The company postponed the payment date for the CBs, totaling 14.3 billion won, by five days from November 6 to November 11, while simultaneously amending the issuance terms. The entire 14.3 billion won raised through this CB issuance is intended for the acquisition of securities from other companies.

This series of convertible bonds consists of the 10th Series (2 billion won), the 11th Series (11.3 billion won), and the 12th Series (1 billion won). Notably, the 10th Series has been amended 10 times since the initial issuance decision on May 28, while the 11th Series has been amended eight times since the initial decision on June 26. Observers note that the repeated changes to the payment schedule over the past several months have increased uncertainty regarding the fundraising. The 12th series of convertible bonds also had its payment date postponed just five days after the decision to issue it was made on the 29th of last month.

What is even more burdensome for existing shareholders is the addition of a refixing clause. In this round of amendments, ADBIOTECH Co.,Ltd. modified all three issues to allow for adjustments to the conversion price in the event of a decline in the stock price. Although the initial conversion price is 1,999 won per share, it can be adjusted every seven months after issuance—based on the stock price—to as low as 1,400 won, a reduction of up to 30%. Consequently, if the entire 14.3 billion won in convertible bonds is converted into stock, the number of issuable shares could increase from the current approximately 7.15 million shares to a maximum of approximately 10.21 million shares.

Additional terms favorable to bondholders were also introduced. The interest payment schedule was changed from quarterly to monthly, and the call option premium for the 11th and 12th series of convertible bonds was raised from 6% to 6.5% per annum. The coupon rate for the 11th and 12th series of convertible bonds is 6% per annum, while that for the 10th series is 3.5% per annum; if the full 14.3 billion won is issued, the annual coupon interest burden will amount to 808 million won. Notably, the 11th and 12th series of convertible bonds include a condition requiring early repayment of principal and interest if the consolidated operating profit for the first quarter of 2027 is in the red.

A bioindustry official commented, “As payment delays have become a recurring issue, uncertainty over whether actual fundraising will proceed as planned likely affected the stock price,” adding, “The burden of equity dilution resulting from the addition of the refixing clause also appears to have dampened investor sentiment.”