Managing Director Moon Yeo-jung participates and presents at the KOSDAQ Connect 2025 held by the Korea Exchange on the 11th. /Courtesy of IMM Investment.

"You should not view the listing of bio ventures as an end, but as a beginning."

Moon Yeo-jeong, executive director of IMM Investment, attended the 'KOSDAQ Connect 2025' seminar hosted by the Korea Exchange on the 1st and said, "If there is patience in the market, the 2nd and 3rd Alteogen can continue to emerge in the KOSDAQ market."

KOSDAQ Connect 2025 was organized as a venue for KOSDAQ listed companies, institutional investors, venture capitalists, the securities industry, and related organizations to communicate, aiming to enhance corporate value and energize the capital market. Executive Director Moon presented on recommendations for the development of the KOSDAQ market.

Executive Director Moon emphasized, "Alteogen, which was listed on the KOSDAQ market as a new drug development biotech in 2014, has had to continuously raise funds through rights offerings since its listing" and added, "It wasn't until 2020 that serious technology exports began."

He continued, "The average time required for new drug development is about 12 years, and the average expense amounts to 1.2 trillion won," and explained, "Bio ventures choose to go public to raise additional funds at the clinical stage after preclinical trials."

Alteogen went public in the KOSDAQ market in 2014 at a valuation of 120 billion won and has risen to become the number one company in market capitalization in the KOSDAQ market, currently valued at 21 trillion won. This success was made possible after continuing to raise funds through rights offerings, leading to technology export achievements amounting to 7 trillion won.

Executive Director Moon noted, "Even with government subsidies and venture capital investment continuing, it is difficult to succeed in new drug development without the power of the capital market" and advised, "It would be good to understand that at least 5 years or more is needed after going public."

He also emphasized that fields like artificial intelligence (AI), which are gaining attention in the market, require similar patience as bio ventures. Executive Director Moon stated, "If manufacturing shifts toward being technology-centered, companies will inevitably continue to develop."

He suggested that listed companies must constantly communicate with the market regarding their need for funding after going public and demonstrate the necessity for additional funds. He also emphasized that the more a company is listed in the KOSDAQ market, the more it should establish an internal control system to secure trust.

In another presentation at the seminar, Kang So-hyun, head of the Capital Market Research Institute's Capital Market Office, evaluated that the time has come to redefine the identity of the KOSDAQ market. The market started as an innovation market centered on small and medium-sized venture companies but has grown larger.

Director Kang stated, "It should be redefined as a structure where 'support for innovative growth companies' and 'nurturing strong mid-sized companies' can coexist," and suggested, "Like Japan, opening a new growth market and imposing information disclosure obligations could be an alternative."