National Growth Fund among institutional investors putting in W5b
Fat-reduction injection AYP-101 awaiting drug approval
Company aims for Kosdaq listing via tech fast-track in first half of 2027
Amipharm, a developer of localized fat-reduction injections, said Wednesday it raised 20.5 billion won ($15.3 million) in a pre-IPO funding round. The amount exceeded its original target of 15 billion won by 5.5 billion won.
The company plans to use the fresh capital to accelerate both the commercialization of its fat-reduction injection AYP-101 and its preparations for a Kosdaq listing.
AYP-101 is a localized fat-reduction injection based on soy phosphatidylcholine (SPC). Amipharm applied for product approval from the Ministry of Food and Drug Safety in May, and the application is currently under review. The injection works by inducing apoptosis and lipolysis in fat cells. The company said it designed the product to minimize local adverse reactions such as pain, swelling, bruising and induration.
Amipharm has completed Phase 1, 2 and 3 trials of AYP-101 in South Korea. In January, the company presented the drug's mechanism of action and Phase 3 trial results at the IMCAS World Congress 2026, a medical aesthetics conference held in Paris. It also advanced to the final stage of the conference's Innovation Tank program.
Amipharm raised 2.5 billion won in a pre-Series A round in 2016, followed by 10 billion won in a Series A round in 2018. It raised another 10 billion won in a Series B round in 2021. The latest pre-IPO round added 20.5 billion won on top of those earlier rounds.
The National Growth Fund, managed by Korea Investment Value Asset Management, contributed 5 billion won to the round. Other participants included NH NongHyup Bank, Magna Investment, Hyundai Technology Investment, IBK Capital, Daishin Securities, Hyundai Investment Partners, Samho Green Investment and Dongwon Technology Investment.
Amipharm said the funds will go toward securing approval and preparing for the launch of AYP-101, building out production capacity, and expanding sales and marketing. The company also plans to pursue follow-up research and development, including expanding AYP-101's indications to conditions such as cellulite, developing a next-generation fat-reduction injection, and advancing global clinical development.
The funding round comes as Amipharm's regulatory review for AYP-101 and its Kosdaq listing preparations proceed simultaneously. The company is shifting from an R&D-focused stage to product commercialization while pursuing a technology-based special listing on Kosdaq, which requires passing a technology assessment.
Amipharm is currently undergoing the technology assessment required for the special listing track and is targeting a Kosdaq debut in the first half of 2027. Daishin Securities is serving as the lead underwriter for the listing.
"Having closed our pre-IPO round above our original target of 15 billion won, we will use the funds we secured to move forward without delay on AYP-101's product approval and market launch," said Lee Ki-taek, chief executive of Amipharm. "We plan to continue expanding indications and developing our next-generation pipeline while also actively pursuing entry into global markets."
boo@heraldcorp.com
