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[Press released] RNA liver cancer therapy company Rznomics, is preparing for IPO

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    2022-04-20/dd>

Rznomics, a new drug developer of "RNA replacement," has begun preemptive preparations for listing next year. It has begun to take concrete steps such as recruiting CFO, a former accountant, to establish an internal system and apply for a designated auditor for listing.


Seong-wook, Lee, CEO of Rznomics, said on the 19th, "We applied to the Financial Supervisory Service for an IPO designation audit in March this year and selected Samil Accounting Corporation as an advisor to set new accounting standards at the level of listed companies, and we are planning to take a technology evaluation for Special Listing of Technology Growth for IPO in next year." Rznomics appointed Samsung Securities as a lead manager for IPO.


Rznomics was founded in August 2017 by Seong-wook, Lee, a professor of bio-convergence at Dankook University. CEO Lee is a Ph.D. in molecular genetics at Cornell University in the U.S. and has led research on the next-generation RNA replacement enzyme platform for the past 20 years.


The company raised KRW 12 billion in Series A in September 2019 and KRW 10.5 billion in Series B in April 2021. Major Financial Investors include Synergy IB Investment, LSK Investment, Partners Investment, Quad Asset Management, Korea Development Bank, and SBI Investment and so on.


Preparations for IPO began in earnest after Jong-sun, Rim, a former certified public accountant, recruited former Caregen CFO in September last year.


CFO Rim spent 13 years at Samil Accounting Corporation after studying business administration at Soongsil University. He worked at Samil's global audit headquarters' and has a career of secondment Shanghai branch in PwC China.


Just before joining Rznomics, he was CFO at KOSDAQ Bio company Caregen and took in charge of internal accounting management for about two years.


Regarding technology evaluation and IPO, CFO Rim said, "Rznomics plans to flexibly respond to the situation so that it can be the best time for Rznomics."


Rznomics is currently procuring Series C worth more than KRW 30 billion. It is to raise funds to enter the clinical trial of "RZ-001 (candidate substance for liver cancer therapy)." More than KRW 30 billion is expected to be injected in capital in May.