Pharmasaga (藥祇生醫) will list on the Emerging Stock Market on Nov 27 with a reference price of NT$120 per share. The company focuses on "preserving pancreatic islet cell function and mass" to reverse diabetes. Its flagship small molecule, PS1, is currently in Phase I clinical trials.

Mechanism of Action & Clinical Progress:

• Novel Target: Unlike traditional glucose-lowering therapies, PS1 targets PDIA4, a protein identified as a key driver of pancreatic islet cell pathogenesis. By inhibiting PDIA4, PS1 aims to reverse the disease state.
• Preclinical Efficacy: In animal models, PS1 reversed 60–100% of Type 2 Diabetes (T2D) and 75–100% of Type 1 Diabetes (T1D) cases.
• Phase I Safety: Mid-term reports from the Single Ascending Dose (SAD) study show high safety profiles with no dose-limiting toxicities. Notably, 67% of subjects experienced a drop in blood glucose.

Chairman Yueh-Chen Wu highlighted that the company holds 20-year exclusive licenses for patents from Academia Sinica. Pharmasaga is actively pursuing global licensing and co-development, positioning PS1 as a potential "game changer" in the $100 billion global diabetes market.

Resource: 生技股新兵藥祇27日120元登興櫃 開發逆轉糖尿病新藥PS1攻國際市場