Mediforum Pharmaceutical Incorporation (KOSDAQ:A047920) announced a private placement of 2,047,570 common share at a price of KRW 4,835 per share for the total gross proceeds of KRW 9,900,000,950 on February 24, 2020. The transaction include participation from Maple Asset Management Limited through third party allotment. The transaction was approved by board of directors of the company. The transaction is expected to close by June 30, 2020.