Kang Stem Biotech Co., Ltd. announced that it expects to receive KRW 30 billion in funding from Kiwoom Securities Co., Ltd., Investment Arm, LIG Investment & Securities Co., Ltd., Investment Arm, and other investors
September 06, 2016
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Kang Stem Biotech Co., Ltd. (KOSDAQ:A217730) announced a private placement of first unregistered/unsecured unguaranteed private convertible bonds for gross proceeds of KRW 30,000,000,000 on September 7, 2016. The transaction will include participation from Kiwoom Securities Co., Ltd., Investment Arm, Atinum New Paradigm Fund, LIG Investment & Securities Co., Ltd., Investment Arm, Future Creation Dau Kiwoom Synergy M&A Secondary Fund, and Kiwoom Growth Secondary Fund 15 for KRW 15,000,000,000, KRW 7,000,000,000, KRW 3,000,000,000, KRW 2,500,000,000, and KRW 2,500,000,000 respectively. The bonds do not carry any annual coupon and have yield to maturity of 1%. The bonds will be issued at par and will mature on September 8, 2021. The bonds can be fully converted into common shares of the company at a fixed conversion price of KRW 14,450 per share from September 8, 2017 to August 8, 2021. The subscription and the payment date of the transaction is September 8, 2016. The transaction has been approved by the board of directors of the company.
Kang Stem Biotech Co., LTD is a Korea-based company mainly engaged in the development of pharmaceutical products. The Company's product portfolio consists of stem cell therapy products including Furestem-AD which used for treating atopic dermatitis, Furestem-RA which used for treating rheumatoid arthritis, Furestem-CD which used for treating crohnâs disease, stem cell conditioned medias which used as raw materials of cosmetics including umbilical cord blood-derived stem cell conditioned medias (USC-CMs) and others and stem cell culture medias including KSB-3 Complete Kit and others. The Company distributes its products within domestic market and to overseas markets.
Kang Stem Biotech Co., Ltd. announced that it expects to receive KRW 30 billion in funding from Kiwoom Securities Co., Ltd., Investment Arm, LIG Investment & Securities Co., Ltd., Investment Arm, and other investors