CytoMed Therapeutics, a Singapore-based pre-revenue biomedical firm backed by Peter Choo, has listed on the Nasdaq.
Choo, a renowned figure in the local corporate scene, was once dubbed "IPO King" for shepherding dozens of listings on the local bourse when he was running Westcomb Securities
Besides chairing Cytomed, Choo is also the long-time vice chairman of SGX-listed CNMC Goldmine Holdings.
CytoMed, founded in 2018, was spun off from the Agency for Science, Technology and Research (A*STAR), the government's research and development agency.
For this Nasdaq IPO, some 2.4 million shares were sold at US$4, raising the pre-clinical firm gross proceeds of some US$9.65 million.
Cytomed says it is focused on harnessing its licensed proprietary technologies to create cell-based immunotherapies for the treatment of human cancers.
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With proceeds from the listing, the company plans to advance the clinical development of its CTM-N2D product candidate.
It will also continue the technology development of its iPSC-gdNKT product candidate, as well as to further develop its CTM-GDT product candidate.
Besides Choo, the company's other senior leadership includes Lucas Luk Tien Wee, director and chief clinical officer and Zeng Jieming, director and chief scientific and medical officer.
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The company has yet to generate any meaningful revenue.
For 1HFY2022 ended June 2022, the company incurred a loss of US$715,954, up from a loss of US$737,537.
CytoMed shares ended its first day trading at US$3.76.
