Iwon Compotech Becomes Potential Largest Shareholder of U.S. ProFace Sciences

[Asia Economy Reporter Hyunseok Yoo] Iwon Compotech announced on the 26th that Proface Sciences, a bio-drug development company and R&D partner of Scott Waldman, chairman of the US FDA Clinical Advisory Committee and professor at Thomas Jefferson University College of Medicine, has emerged as a potential largest shareholder.

Proface Sciences participated in Iwon Compotech's third-party allotment paid-in capital increase on November 18 last year, acquiring 2.8 million shares (16.42%) and securing the position of the second largest shareholder. These shares are subject to a one-year lock-up period. Additionally, Proface Sciences also participated in the subscription of the company's 2nd series convertible bonds (CB), securing 359,140 convertible bond shares (2.1%), thereby holding more shares than the current largest shareholder, Savoy Two Investment No.1 Association, effectively becoming the largest shareholder.

Through this acquisition of shares, Professor Scott Waldman's team plans to take the lead in bio-business centered on the Asian and global markets. Iwon Compotech is currently focusing its bio-business on five pipelines, including the linaclotide treatment, which is undergoing FDA Phase 2 clinical trials.

Meanwhile, Professor Scott Waldman is scheduled to attend the company's regular general meeting of shareholders in March to personally present the achievements in new drug development so far and the company's 2020 bio-business roadmap.