G2G Bio rises for fifth straight trading day on hopes for technology transfer following deal with Chinese pharmaceutical company

[Financial News]  G2G Bio, a long-acting injectable platform company, is extending its gains for a fifth consecutive trading session.
The stock's rise appears to reflect hopes that the platform evaluation agreement signed with a Chinese pharmaceutical company could lead to a definitive deal, including a technology transfer, after the drug candidate is evaluated.
According to Korea Exchange (KRX), as of 9:52 a.m. on the 22nd, G2G Bio was trading at 43,500 won, up 1,400 won (3.33%) from the previous trading day's close.
At one point during the session, it climbed to 44,800 won, extending its gains.
The stock has been on an upward trend since the 16th, rising for five consecutive trading sessions through today. Compared with its closing price of 31,200 won on the 16th, it is up about 39.4%.
G2G Bio previously signed an agreement with Chinese pharmaceutical company United Biotechnology (Hengqin; UBT) to evaluate long-acting injectable drug candidates and transfer materials using its InnoLAMP platform.
The agreement is intended to assess whether the platform can be applied to the drug candidates. The contract value was not disclosed under a confidentiality clause.
A G2G Bio representative explained, "The platform evaluation agreement we signed with UBT is a process of specifically assessing, through animal testing, the candidate microspheres developed by our company," adding, "A definitive agreement, including a technology transfer (L/O) to support entry into clinical trials and other steps, may follow."
The representative continued, "We have collected a great deal of information and data, and are confident that formulating the material will not take long given our capabilities," adding, "We have continued discussions with global partners and have been working on formulation and related matters."
The representative added, "Many companies are currently showing interest in long-acting injectable drugs that use our platform."

[email protected] Kang Jung-mo Reporter