Ingenia Therapeutics, a clinical-stage biotechnology company pioneering next-generation vascular-targeted therapies, announced that the company has received approval from the KRX to proceed with its Initial Public Offering (IPO). The move marks a pivotal transition for the company, supported by a robust pipeline that includes two clinical-stage assets, one of which is IGT-427 (now called MK-8748), an investigational bi-specific antibody (Anti-VEGF/TIE2), for patients with retinal diseases being developed by Merck (known as MSD outside of the US and Canada).

Restoring the vascular barrier by direct TIE2 activation

Ingenia’s proprietary platforms, TIE-body and LCIDEC (Ligand Capture & Internalization into Endothelial Cells), are built upon a fundamental breakthrough in vascular biology: the unique, direct activation of the TIE2 pathway. Unlike traditional approaches that rely on balancing ligands (Ang1/Ang2), Ingenia’s technology directly binds and activates TIE2 receptor independent of the ligands. This mechanism effectively "seals" endothelial cells in the vasculature and restores the vascular barrier for conditions characterized by chronic vascular inflammation and microvascular damage.

A diversified clinical and strategic portfolio

The company’s growth is driven mainly by two clinical programs:

• Ophthalmology: MK-8748 (Tiespectus) is an investigational, bispecific antibody (Anti-VEFG/TIE2) advancing into Phase 3 clinical development across both wet age-related macular degeneration (wAMD) and diabetic macular edema (DME) this year, with the potential to redefine treatment across retinal diseases. By directly activating TIE2 to stabilize retinal vasculature, MK-8748 aims to improve outcomes over existing standard of care. In 2022, Ingenia entered into a research collaboration and licensing agreement with EyeBio, a wholly owned subsidiary of Merck following the acquisition in 2024.
• Chronic Kidney Disease (CKD) - Leveraging the same vascular-stabilizing principle, IGT-303 is progressing through Phase 1/2a trials. It addresses the critical unmet need in CKD and Diabetic Kidney Disease (DKD) by recovering glomerular and tubular endothelial layers and slowing disease progression.

Beyond these clinical programs, Ingenia is aggressively expanding its proprietary pipeline into high-value therapeutic areas, including Oncology (normalizing tumor vasculature to enhance immunotherapy), CNS (restoring the blood-brain barrier), and Cardiovascular & Pulmonary diseases.

"The decision to pursue a KRX listing is a strategic milestone that reflects Ingenia’s deep roots and our commitment to global innovation," said Sangyeul Han, PhD, CEO of Ingenia Therapeutics. "We are at a defining moment. With one asset advancing into Phase 3 this year by our global pharmaceutical partner, Merck and a second asset entering Phase 2a trial for CKD/DKD, our direct TIE2 activation technology has the potential to meaningfully advance the treatment of vascular-driven diseases. We believe this IPO will provide the capital necessary to scale our platform and accelerate the delivery of these life-changing therapies to patients."

"Targeting TIE2 remains one of the most compelling strategies for managing multiple retinal diseases, and the complexity of the pathway may have limited prior efforts. Ingenia’s ability to trigger ligand-independent activation of the TIE2 pathway, while also inhibiting VEGF signaling, holds promise of becoming a clinical breakthrough. As MK-8748 enters Phase 3 trials this year, we are aiming to demonstrate a meaningful shift in how exudative retinal diseases can be managed, and uniquely stabilized." Charles C. Wykoff, MD, PhD, Director of Research at Retina Consultants of Texas and Chair of Research for Retina Consultants of America.