Kainosmed announced on January 2 that the scheduled payment date for the 16.5 billion won third-party allocation capital increase was changed to January 17.
According to the company, Chiron Global Group, a major investor that had agreed to invest 14.3 billion won, stated that the government's approval for overseas remittances had been delayed due to the unstable domestic political situation, and that the payment would be made before January 17th. However, the investment firm stated that the previously announced new share issuance price of 2,545 won per share would remain unchanged.
Chiron Global Group invests in IGOs (Intergovernmental Organizations) under the United Nations. IGOs are intergovernmental organizations established by two or more countries to cooperate in good faith on shared interests. Examples include the UN, WHO, and Unicef. Chiron Global Group primarily invests in projects that are sustainable and contribute to society or humanity.
According to Sustainable Development Goals (SDGs) 3 announced by the UN, the goal is to reduce premature mortality from non-communicable diseases, such as Parkinson's, by one-third through prevention and treatment by 2030, and to promote mental health and well-being. The UN is known to be supporting research and development of vaccines and medicines for communicable and non-communicable diseases, and is actively working through its affiliated organizations and funds to achieve this shared goal across all countries.
According to the company, while some of the proceeds from this third-party allocation have been delayed, the company aims to complete the project on schedule. It plans to secure additional investment to proceed with the Phase 2 clinical trial for Parkinson's disease in the US and the Phase 2 clinical trial for MSA in Korea as planned. To this end, the company is currently preparing an IND application to resume the Phase 2 clinical trial for MSA.
Kainos Medicine's KM-819 stands out from other global pharmaceutical companies, which have failed to develop treatments targeting alpha-synuclein, the protein suspected to be the cause of the disease. Unlike other companies, which have struggled to develop treatments targeting alpha-synuclein, Kainos Medicine's KM-819 targets FAF1, a precursor molecule of alpha-synuclein. By modulating FAF1, the treatment has demonstrated fundamental therapeutic potential, including both alpha-synuclein inhibition and dopaminergic neuron protection, attracting significant interest from global pharmaceutical companies and industry stakeholders.
A Kainosmed representative stated, “Due to the unstable domestic and international situation, some of the remaining balance payments have been delayed, but we will successfully secure investment from significant institutions based on our unrivaled technological prowess. After securing this investment, we will be able to sequentially share the positive business results.”
He added, "We ask for the understanding of our shareholders who have trusted and waited for us due to the delay in our scheduled schedule. We will demonstrate results that will allay domestic concerns, as our technological prowess and growth potential begin to gain global recognition."
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