3D bioprinter Koligo Therapeutics to list on ASX

Koligo Therapeutics (ASX:KOL), a regenerative medicine and 3D bioprinting company, will list on the Australian Securities Exchange at the end of March via an initial public offering (IPO).

Koligo is dedicated to the wide distribution of pancreatic islets — the cells that make insulin to regulate blood sugar — for treating pancreatitis. It is also developing and commercialising a range of 3D bioprinted tissue and other regenerative medicine products to help address serious conditions such as diabetes, liver failure, neurological diseases, metabolic disorders and genetic disorders.

Koligo is already at the revenue stage, with its Kyslecel product qualified for sale in the United States and generating $1.6 million revenue in the first 14 months from a limited number of initial hospital customers. The company’s CEO, Matthew Lehman, explained, “Kyslecel is an autologous (using the patient’s own cells) pancreatic islet cell transplant therapy used to treat chronic or recurrent acute pancreatitis, a debilitating and painful condition with few effective treatment options.

“Koligo works with qualified partner hospitals to remove a patient’s pancreas. It is transported to Koligo’s FDA-registered labs in Louisville, Kentucky, where the patient’s islets are isolated and prepared into Kyslecel. The Kyslecel is then transported back to the patient’s hospital to be infused back into the patient’s liver.

“The location of the Koligo lab is key as Louisville, Kentucky is also the home of the UPS Worldport hub with 318 flights daily and the capability for critical shipments of human cells, tissues and cellular and tissue-based products (HCTPs). Based on initial success of Kyslecel, Koligo will scale production and distribution to deliver patients access to this procedure at more hospitals across the United States.”

Koligo aims to launch Kyslecel V2.0 in mid-2019, with an extended shelf life allowing longer transport times to a wider region and potential international operations (subject to regulatory requirements). The company is also developing a pipeline of regenerative medicine products utilising a patented 3D-V bioprinting platform.

“Koligo will transform human cell and tissue transplant with our 3D-V bioprinting,” Lehman said. “We will create 3D biodegradable bioprinted spheroids which contain a patient’s stromal vascular fraction cells and/or microvascular fragments and pancreas islets. The 3D structure allows better oxygen and blood flow for more effective grafting of transplants. These spheroid ‘scaffolds’ allow improved function of the cell or tissue after transplant and safely biodegrade.

“With this 3D-V bioprinting technology we will engineer tissue products for the treatment of pancreatitis, type 1 diabetes, other pancreatic diseases, liver failure, neurological diseases, metabolic disorders and genetic disorders. Each is a multibillion-dollar market.”

Koligo hopes to raise up to $7 million at 20 cents a share from the IPO, creating a market value of about $22 million. Funds raised will be used to increase manufacturing capacity, sales and marketing into targeted hospitals so they can provide treatment in collaboration with Koligo, harness international growth opportunities and develop the 3D-V technology platform and product pipeline.

“Our listing on the ASX will accelerate Koligo’s growth and improve our ability to make a real difference in patients’ lives who suffer these debilitating conditions,” Lehman said. “The local market understands the value these companies provide. We are heartened by the success of other regenerative medicine and cell therapy companies on the ASX, such as Exopharm, Polynovo and Cynata.”

Koligo will be the only 3D bioprinting business on the ASX, and one of very few publicly traded 3D bioprinting companies globally.

Image caption: Dr Balamurugan Appakalai, Koligo Chief of Manufacturing, in surgery.

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