Daily Brief Health Care: Aimed Bio, Ainos , BioMerieux, Percheron Therapeutics , Recce Ltd, Remegen and more

• Aimedbio is getting ready to complete its IPO in KOSDAQ in November 2025. The IPO price range is from 9,000 won to 11,000 won per share.
• According to the bankers’ IPO price range, the expected market cap after the IPO is from 599 billion won to 732 billion won.
• Aimedbio has advanced multiple antibody-drug conjugates (ADC) candidates into preclinical and early clinical stages.

• GICS reclassification. Our update report dated August 18, 2025, assumed coverage of Ainos under the WTR Technology research platform.
• While remaining dedicated to advancing its core therapeutic program VELDONA, the report discusses Ainos’ prioritized strategic focus on the development of and commercialization pathway for its proprietary digital AI-powered olfaction platform, Al Nose.
• Effective October 1, 2025, Ainos has been reclassified under the Global Industry Classification Standard (GICS®), developed and administered by S&P Dow Jones Indices and MSCI, from the biotechnology sector to Technology Hardware, Storage & Peripherals (Code 45202030). 

• bioMérieux’s first half of 2025 financial results present a mixed bag of performance indicators that provide a complex picture for potential investors.
• On the positive side, the company reported a robust 9.4% organic sales growth, largely driven by double-digit expansions in key growth areas, including respiratory panels and nonrespiratory panels under the BIOFIRE brand.
• This expansion was complemented by significant strides in profitability, with a 24% increase in like-for-like operating profit, culminating in an 18.2% profit margin compared to 16.4% at the end of 2023.

Percheron Therapeutics has reported final results from the Phase I dose escalation study of HMBD-002, its monoclonal antibody targeting VISTA, a novel immune checkpoint protein. The data confirmed the compound’s favourable safety and tolerability profile (maximum tolerated dose not reached with <10% of patients experiencing grade 3 or greater adverse events), with early signs of disease control in advanced solid tumours. The trial was not designed or sufficiently powered to demonstrate efficacy; however, evidence of stable disease (28% of cases) in an otherwise heavily pre-treated patient population (median four to five prior lines of treatment) supports Percheron’s move towards Phase II development in CY26. We expect the announcement on the Phase II design and target indications, due in Q4 CY25, as the next big catalyst for the company.

Recce has reached a key milestone with the start of patient dosing in its Phase III Indonesian-focused study of the topical gel formulation (R327G) of its lead anti-infective therapeutic drug candidate, RECCE® 327 (R327), for the treatment of diabetic foot infections (DFIs). DFIs are the leading cause of limb morbidity in diabetic patients and an area of unmet need, as currently available topical drugs have limited effectiveness. Positive Phase III results could lead to Recce’s earliest commercialisation opportunity, through a launch of R327G in South-East Asia in the DFI indication in H2 CY26. We now determine an rNPV valuation of A$600.2m (or A$2.24 per share), versus A$615.1m (or A$2.51 per share) previously.

• Remegen (9995 HK) recorded revenue of RMB 1.1B, a 48% rise YoY, driven by robust sales growth of telitacicept (treatment of autoimmune diseases) and disitamab vedotin (treatment of solid tumors).
• Remegen entered into a license agreement with Vor Biopharma (telitacicept global rights) and Santen (RC28-E rights in China and other few countries). Upfront payments to reflect in revenues in 2H25.  
• Vor Biopharma is conducting a global multi-center Phase III clinical trial (first patient enrolled in August 2024, in U.S) of telitacicept for the treatment of patients with myasthenia gravis (gMG).