[Trading Trend] 'Novacell Technology' Passes Technology Assessment, OTC Corporate Value Jumps Twofold in a Month

DongKoo Bio & Pharma affiliate and peptide drug development specialist Novacell Technology has emerged as a hot stock in the over-the-counter (OTC) stock market after passing the technology assessment for a KOSDAQ listing. Even before passing the listing gateway, funds flowed in due to expectations, and trading became active. In less than a month, the corporate value nearly doubled, drawing the market's attention.

[Source: Novacell Technology Website]

'Technological Prowess' Over Performance... OTC Corporate Value Jumps from 50 Billion to 90 Billion Won in a Month

In March of this year, Novacell Technology was undoubtedly one of the hottest stocks with the largest trading volume in the unlisted stock market. In particular, the price band of the corporate value traded in the OTC market over the month of March ranged from the 50 billion won level to the 90 billion won level, showing a significantly large fluctuation. Investors who preemptively bet on passing the technology assessment for listing first began buying at a corporate value of the 50 billion won level, and after the news of the actual evaluation pass was delivered, the corporate value soared to the 90 billion won level, where trading is currently taking place.

The recent influx of buying interest for Novacell Technology in the unlisted stock market is driven entirely by the listing momentum of 'passing the technology assessment' and the potential of its innovative drugs (First-in-class), rather than financial performance. Looking at Novacell Technology's actual performance over the past three years, it recorded 150 million won in revenue and an operating loss of -4.6 billion won in 2023. The following year, in 2024, it achieved temporary revenue growth and a reduced deficit by recording 1 billion won in revenue and an operating loss of -2.7 billion won, but entering 2025, revenue decreased and the deficit expanded again to 370 million won in revenue and an operating loss of -3.4 billion won.

The reason for the continued massive deficit compared to the revenue scale is that funds are being poured into research and development (R&D). As of 2025, Novacell Technology's ordinary R&D expenses are approximately 1.45 billion won, amounting to a staggering 385.27% of revenue.

Valuation from 23.7 Billion to 100 Billion Won... Dream of KOSDAQ Entry Sees the Light After 6 Years

Novacell Technology is a bio-venture founded in 2000 as a spin-off from Professor Ryu Sung-ho's laboratory at POSTECH. Currently, CEO Lee Tae-hoon oversees management. Looking at the history of the company's corporate value, the estimated corporate value at the time it was acquired by DongKoo Bio & Pharma in 2012 was around 23.7 billion won.

Later, when Korea Investment Partners invested about 4 billion won through the 'Korea Investment Re-Up Fund' in 2020, the pre-money valuation was evaluated at approximately 37 billion won. Subsequently, when it attracted an additional 1 billion won in investment from Kolmar Korea Holdings and others in 2021, the issue price of new shares doubled, recognizing a corporate value reaching approximately 100 billion won.

Novacell Technology has a history of tasting defeat after attempting a technology-exempt listing several times in the past, including in 2013, 2015, and 2018. However, this time, it finally secured the eligibility to request a preliminary KOSDAQ listing examination by obtaining A and BBB ratings, respectively, from two professional evaluation agencies designated by the Korea Exchange. This means that it has laid the groundwork for a successful investment recovery (exit) opportunity about six years after attracting financial investors (FIs) such as Korea Investment Partners in 2020. Currently, the largest shareholder is DongKoo Bio & Pharma, holding a 16.81% stake.

Next-Generation Immunotherapy 'PEPTIROID' to Replace Steroids

The reason investors are enthusiastic about Novacell Technology is due to its core competency, the 'pro-resolution' peptide immunotherapy technology.

Existing anti-inflammatory treatments (steroid preparations, immunosuppressants, etc.) strongly suppress the inflammatory response itself but also suppress normal immune responses, resulting in serious side effects such as reduced immunity or increased risk of infection upon long-term administration. On the other hand, Novacell Technology's technology targets the 'inflammation resolution action,' which goes beyond suppressing inflammation to naturally induce the termination of the inflammatory response and restore biological homeostasis.

Based on peptide library technology, the company developed functional peptides that selectively activate 'FPR2', an inflammation resolution receptor, and named this 'PEPTIROID'. The main targets are complex immune-mediated inflammatory diseases with highly Unmet medical needs due to the lack of champion therapeutics that solve the root cause of the diseases, such as atopic dermatitis, dry eye syndrome, psoriasis, rheumatoid arthritis, and ulcerative colitis.

With its innovative peptide technological prowess, the clinical progress of its reliable partners, and the news of passing the technology assessment after 6 years all coming together, Novacell Technology has received intense interest in the OTC market for the month of March and is accelerating its steps toward listing.