MEDINET Co., Ltd. announced that it expects to receive ¥930.798 million in funding
January 25, 2018
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MEDINET Co., Ltd. (TSE:2370) announced a private placement of48 units at a price of ¥18,750,000 per unit for ¥900,000,000 and, 174,000 13th series warrants at a price of ¥177 per warrant for ¥30,798,000 for aggregate gross proceeds of ¥930,798,000 on January 26, 2018. The unit consists of one 4th series unsecured convertible and one warrant. The series 13 warrants are exercisable into shares at an initial exercise price of ¥164. Warrants are exercisable from February 14, 2018 to February 13, 2020. The bonds are redeemable at ¥100 per bond. The issue expenses of the transaction amounts to ¥25,000,000. The payment date for the transaction is February 13, 2018. The securities will issue through a third-party allotment. The transaction was approved by board of directors of the company.
MEDINET Co., Ltd. is a Japan-based company mainly engaged in cell processing industry and cellular medical products business. It operates through two business segments. The Cell Processing Industry segment mainly engages in comprehensive support services for immune cell therapy, related services including clinical use from companies, universities, research institutes, outsourcing of cell processing for clinical trials and operation of cell culture processing facilities. The Cellular Medical Products segment is mainly engaged in research and development for obtaining approval for manufacture and marketing of cellular medical products. It also provides comprehensive support services for immune cell therapy.