iX Biopharma

[Art or Science]

Don't think i'll be subscribing this IPO..

iX Biopharma to launch IPO for Catalist listing

SINGAPORE: Pharmaceutical company iX Biopharma on Friday (Jul 10) announced plans for a listing on the Catalist board.

It is offering 65.5 million new shares at 46 cents each but only one million shares will be made available for the public. The remaining bulk of 64.5 million shares will be offered on placement basis.

iX Biopharma expects to raise S$27.6 million in net proceeds from the IPO.

The proposed listing comes amid a drought of IPOs on the Singapore Exchange (SGX) this year. There have been only three new Catalist listings on SGX in the first half of this year.

iX Biopharma specialises in the development and commercialisation of innovative therapies for pain management and male erectile dysfunction. It plans to use the bulk of its net proceeds to fund the clinical trials required for the development of its products.

iX Biopharma’s share offering will close on Jul 20 and its shares are expected to start trading on Jul 22.

- CNA/xq

http://www.channelnewsasia.com/news/sing...75522.html

[greengiraffe]

This is the type of IPO that SGX will have going forward... those that even PE will deem risky...

Still in startup phase and I seriously don't know what sort of competitive advantages this upcoming IPO has...

Pls correct me if I m wrong...

Don't think i'll be subscribing this IPO..

iX Biopharma to launch IPO for Catalist listing

SINGAPORE: Pharmaceutical company iX Biopharma on Friday (Jul 10) announced plans for a listing on the Catalist board.

It is offering 65.5 million new shares at 46 cents each but only one million shares will be made available for the public. The remaining bulk of 64.5 million shares will be offered on placement basis.

iX Biopharma expects to raise S$27.6 million in net proceeds from the IPO.

The proposed listing comes amid a drought of IPOs on the Singapore Exchange (SGX) this year. There have been only three new Catalist listings on SGX in the first half of this year.

iX Biopharma specialises in the development and commercialisation of innovative therapies for pain management and male erectile dysfunction. It plans to use the bulk of its net proceeds to fund the clinical trials required for the development of its products.

iX Biopharma’s share offering will close on Jul 20 and its shares are expected to start trading on Jul 22.

- CNA/xq

http://www.channelnewsasia.com/news/sing...75522.html

[MINX]

This is the type of IPO that SGX will have going forward... those that even PE will deem risky...

Still in startup phase and I seriously don't know what sort of competitive advantages this upcoming IPO has...

Pls correct me if I m wrong...

Don't think i'll be subscribing this IPO..

iX Biopharma to launch IPO for Catalist listing

SINGAPORE: Pharmaceutical company iX Biopharma on Friday (Jul 10) announced plans for a listing on the Catalist board.

It is offering 65.5 million new shares at 46 cents each but only one million shares will be made available for the public. The remaining bulk of 64.5 million shares will be offered on placement basis.

iX Biopharma expects to raise S$27.6 million in net proceeds from the IPO.

The proposed listing comes amid a drought of IPOs on the Singapore Exchange (SGX) this year. There have been only three new Catalist listings on SGX in the first half of this year.

iX Biopharma specialises in the development and commercialisation of innovative therapies for pain management and male erectile dysfunction. It plans to use the bulk of its net proceeds to fund the clinical trials required for the development of its products.

iX Biopharma’s share offering will close on Jul 20 and its shares are expected to start trading on Jul 22.

- CNA/xq

http://www.channelnewsasia.com/news/sing...75522.html

If not for anything else, at least SGX's newIPO listing cater for both genders, SOG for the fairer sex & IX Biopharma for the guys

[weijian]

IX Biopharma has became a 10x bagger in the last few months but at last close, it is still ~30% below its 2025 IPO price of 46cents.

In VC investing, the biggest gains (but have the lowest probability) are generally reserved those who come in at the earlier funding rounds (eg. Series A/B). Those who enter at Series C and pre-IPO investing have higher probabilities of profit but the profit quantum is much lower.

For "VC investing" in public markets, IX Biopharma as an example, it suggest that the sequence of profit quantum is often reversed compared to the traditional VC investing of private markets.

Singapore-listed IX Biopharma bets big on non-opioid pain relief

The company’s flagship drug, Wafermine, is a sublingual ketamine wafer designed to dissolve under the tongue and deliver rapid pain relief without the addiction risks that have made opioids so controversial.

The drug has now completed Phase 2 clinical trials – which involve testing on human patients to assess efficacy and safety – with data submitted to and accepted by the United States Food and Drug Administration (FDA).

In February, the company secured a US$40.95 million contract from the US Department of Defense (DOD), which will fund Phase 3 clinical development of Wafermine as well as activities required to obtain an Emergency Use Authorisation (EUA) from the FDA for DOD use.

“It de-risks us, but it also helps us with the regulatory pathway – and that’s the main thing,” he added. “The moment we get the EUA, I think within a year from there, we will be profitable.”

As the company awaits FDA approval, Lee is already fielding interest from consultants representing large pharma players in the depression and pain spaces. He believes the strength of Wafermine’s profile across multiple indications makes it an attractive acquisition target. “We think this will end in a trade sale,” he said.

IX Biopharma’s share price has moved from around S$0.018 to S$0.25 in roughly six months, a rally Lee attributes to the military contract and heightened investor relations activity through SGX.

https://www.businesstimes.com.sg/compani...ain-relief

[weijian]

iX Biopharma recently published its annual report for FY26 and I took a look at this company whose LTM share price performance has eclipsed that of the memory chip makers.

The company obtained a 40mil usd grant from the US Department of War to fund its Phase 3 FDA trials, which will take at least ~3-4years to complete. So the company will continue to stay "pre-revenue" but of course investors are not waiting for mass market sales to happen. The company has recently done a restructuring of its drug portfolio with Wafermine® carved out from the remaining of assets:

Wafermine® is a non-opioid pain drug delivered by putting it under the tongue. It uses ketamine to do its job, yes the ketamine that is also a recreational drug. Unlike opioids, it doesn't deliver dopamine in our brain nor has serious physical side-effects. But it could still abused. iX Biopharma Mgt used the example of Eli Lilly's 1 bil acquisition of SiteOne Therapeutics to "signal" the potential monetary value of Wafermine®. But a quick check of SiteOne Therapeutics's pain treatment candidate shows that it uses a different molecule/mechanism, and so is probably not as comparable as Mgt sounds to be.

The remaining of assets have been injected into a JV (Ligo Pharma), with contract manufacturer Orion Specialty Labs taking a minority stake and doing the mfg/distribution. Orion Specialty Labs is a "compounding pharmacy", an alternative route-to-market that skips the usual 10year FDA approval cycle, making revenue generation faster but also limiting the market size. After the US Department of War's validation, I would think that this JV is a 2nd validation of iX Biopharma's pipeline.

Advancing towards a New Era of Growth in the United States

Under a licence, a partner takes the exclusive right to develop and sell Wafermine® in an agreed territory and funds the commercial launch, while we receive
an upfront payment, milestone payments, and royalties on net sales, with the intellectual property remaining ours. An outright sale of the asset or the
company is the alternative, converting the same value into cash at closing rather than a royalty stream, and we will pursue whichever route delivers more for shareholders

Either way the value at stake is substantial: Eli Lilly paid up to US$1 billion for SiteOne Therapeutics in May 2025 for a Phase 2-ready non-opioid pain candidate, and in April 2026 AbbVie licensed Haisco's pain portfolio outside Greater China for US$30 million upfront and up to US$715 million in milestones plus royalties, on assets no further advanced than Phase 1.

AR26: https://links.sgx.com/FileOpen/iX%20Biop...eID=905457
Corporate presentation (23th Sept 2026): https://links.sgx.com/FileOpen/Corporate...eID=904787

[weijian]

So, iX Biopharma's contract manufacturer hasn't gotten the actual license at the specific Nevada site to produce Wafermine (yet) but iX Biopharma has already relocated their freeze drying equipment to the Nevada location. In addition, BT had independently discovered this info and queried iX Biopharma about the discrepancy, and kudos to the Mgt team for giving a transparent reply.

iX Biopharma: Wafermine plans ‘not dependent’ on Nevada partner Orion, which lacks state license

[SINGAPORE] Catalist-listed drugmaker  iX Biopharma  : 42C 0% said its plans to manufacture Wafermine for the US military are not dependent on its proposed joint-venture partner Orion Specialty Labs, which has yet to secure a required operating licence in Nevada.

Orion’s difficulty in securing an outsourcing facility licence in Nevada was first reported by US news publication Politico on Oct 20, raising questions over its ability to manufacture drugs for iX Biopharma’s US operations.

The specialty pharmaceutical company said in response to queries by The Business Times that its US$41 million contract with the US Department of Defense (DoD) is separate from its planned joint venture with Orion.

“To be clear, the DoD contract does not depend on Orion,” said Eva Tan, chief commercial officer of iX Biopharma.

https://www.businesstimes.com.sg/compani...te-license