Hyundai Bioscience (CEO Sangki Oh) announced on the 13th that its recently implemented capital increase worth 85.8 billion won was successfully completed.
Hyundai Bio added that as a result of the general public offering subscription closed on February 11, 102,078,732 shares, which is 1,244% of the 8.2 million shares planned to be issued, were subscribed. In this paid-in capital increase, 7,713,282 shares of the allocation to existing shareholders were subscribed, recording a subscription rate of 94%, and the general public offering subscription for 486,718 shares of forfeited shares was subscribed to for a total of 94,365,450 shares, including 91,292,360 shares for general subscription, 4,268,590 shares for high-risk, high-return investment trust subscription, and 886,718 shares for venture capital trust subscription, achieving a subscription rate of 19,388%, reflecting the high expectations for the birth of Hyundai Bio's world's first general antiviral agent.
Hyundai Bio analyzed that this paid-in capital increase is the result of Xafty's recent final application for the phase 2/3 clinical trial of the dengue treatment drug to the Vietnamese Ministry of Health and the strategic partnership with DNDi (DNDi, an international non-profit drug discovery foundation), which has recognized its value as a general-purpose antiviral drug with commercial viability overseas. The company explained that even in a difficult investment environment, domestic and foreign investors highly evaluated Hyundai Bio's new drug development capabilities and future value, leading to good results.
With the stable financial resources of KRW 85.8 billion secured through this paid-in capital increase, Hyundai Bio plans to make an all-out effort to commercialize its core pipeline, including the general-purpose antiviral drug 'Zefty' and the docetaxel-based anticancer drug 'Polytaxel'.
CEO Oh Sang-ki said, “I would like to express my deepest gratitude to the shareholders and overseas investors who believed in Hyundai Bio’s technological prowess and the growth potential of Zefty.” He added, “Global clinical trials are taking shape faster than expected, and we have been able to successfully complete the capital increase, receiving great attention both domestically and internationally due to collaborations in therapeutic development with several international organizations, including the National Institutes of Health and DNDi. Based on the secured funds, we will actively pursue global innovative new drug development, global clinical trials, and collaborations with global pharmaceutical companies.”
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