[Asia Economy Reporter Eunmo Koo] Park Young-chul, chairman of BioLeaders, will participate in the rights offering of BioLeaders.
BioLeaders announced on the 2nd that Park Young-chul, the second largest shareholder, will participate 100% in the ongoing rights offering. In August, BioLeaders decided on a rights offering worth 45 billion KRW. The funds raised will be used for clinical trial costs for new drug development and debt repayment. Chairman Park currently holds 1,502,540 shares (7.83%).
A company official stated, “Chairman Park is participating in this rights offering with confidence in the success potential of the ongoing clinical trials and the long-term increase in corporate value,” adding, “With 100% participation in the rights offering, concerns in the market about weakening management rights or dilution of shares will be dispelled, and a responsible management system is expected to be strengthened.”
Furthermore, the official said, “Chairman Park is also considering acquiring additional shares to establish a stable management environment,” and “The raised funds will be used to accelerate clinical research and development of the new drug pipeline.”
BioLeaders possesses proprietary new drug platforms ‘MucoMAX’ and ‘HumaMAX’ technologies. The company announced on the 29th of last month that it successfully completed the Phase 1 clinical trial of the Duchenne muscular dystrophy treatment ‘BLS-M22,’ and is currently conducting a Phase 2b clinical trial for the cervical precancer treatment ‘BLS-M07.’ Additionally, based on the new drug platforms, the company is developing new pipelines including anticancer treatments.
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