[Seok Ji-hoen, Edaily reporter] On Oct. 1, South Korea’s biotech market saw newly listed MyungIn Pharmaceutical skyrocket more than 110% on its first day of trading. Oncocare Therapeutics gained on news of a joint trial application with Celltrion, while Access Bio , back on the board after a 42-day suspension, rebounded within three sessions.

Debut Day “Double” for MyungIn

According to KG Zeroin’s MP Doctor (formerly MarketPoint), MyungIn closed at 121,900 won on its first trading day, more than double its IPO price of 58,000 won. That marked a gain of 110.17%. At one point, shares climbed to 125,000 won as investors rushed in.

MyungIn Pharmaceutical stock performance (Source: Naver Finance screenshot)

Founded in 1988, MyungIn is a central nervous system (CNS) drug specialist, holding the top domestic market share in treatments for schizophrenia, depression, dementia, Parkinson’s disease, and epilepsy. Its consumer products include the gum disease remedy Igatan and laxative Meikin.

IPO proceeds will fund R&D for the CNS pipeline drug Evenamide and expand production facilities at the company’s Paltan and Valan plants.

MyungIn reported 2024 consolidated revenue of 269.4 billion won and operating profit of 92.8 billion won, for a 34.4% margin. Profitability has remained above 30% for the past three years.

The firm is focusing R&D on formulation improvements, such as controlled-release tablets and patches, while advancing domestic trials for in-licensed drugs including Evenamide and the Parkinson’s therapy Paxroia (P2B001). MyungIn also aims to grow its global CDMO (contract development and manufacturing) business using pellet formulation technology as a new growth driver.

A company official said, “We have built a stable earnings base through generics and incremental innovations. Going forward, we will expand into CDMO manufacturing to drive both revenue growth and profitability.”

New Cancer Therapy with Celltrion

Oncocare shares ended at 63,700 won, up 23.69%. The company said it has filed with regulators to launch a Phase 2 trial of its experimental anticancer drug Nesuparib in combination with Celltrion’s biosimilar Vegzelma.

Oncocare Therapeutics stock performance (Source: Naver Finance screenshot)

The trial will enroll 87 patients with recurrent ovarian cancer to evaluate safety, tolerability, and efficacy. “Surgery alone rarely cures ovarian cancer,” Oncocare explained. “When patients develop resistance to existing maintenance therapies, combining Nesuparib and Vegzelma may provide a new ‘re-maintenance’ option.”

Nesuparib blocks both PARP (poly ADP-ribose polymerase, a DNA repair enzyme) and Tankyrase (a signaling protein involved in cancer growth). By targeting two pathways at once, it is positioned as a first-in-class dual-target anticancer candidate.

A company representative said, “Through strategic collaboration with Celltrion, we aim to create new value in the global ovarian cancer market and deliver real survival benefits to patients with hard-to-treat cancers.”

Access Bio Rebounds with “Combo Kit”

Access Bio jumped 11.65% to close at 4,360 won, rebounding three days after trading resumed. The stock had dropped 2.67% and 10.84% in the first two sessions after suspension but turned sharply higher Wednesday.

Access Bio stock performance (Source: Naver Finance screenshot)

The company had been suspended for 42 days after its second-quarter revenue fell below 300 million won, triggering a review of its listing status. The Korea Exchange excluded Access Bio from delisting review on Sept. 26, allowing trading to resume. The firm still faces challenges to restore earnings and strengthen governance after pandemic-driven demand for COVID-19 test kits faded.

Recently, Access Bio won full FDA clearance (510k) for its CareSuperb COVID-19/Flu A&B home test kit, which detects both influenza and coronavirus. Unlike past COVID-19 products, which were mainly government procurement, this kit targets the U.S. retail market, with rollout planned through CVS, Walgreens, and Target ahead of the winter respiratory season.

Industry watchers note that Access Bio is essentially the only “Made in USA” manufacturer to secure both FDA 510k clearance and home-use authorization, giving it an edge under the Buy American Act and shielding it from tariff risk.

A company spokesperson said of the stock move, “Share price changes reflect market judgment, and it would be inappropriate for us to comment further.”