Medicox Completes Payment for 3 Billion KRW Capital Increase of Mecox Curemed

[Asia Economy Reporter Jang Hyowon] MedicoX, a KOSDAQ-listed company, announced that the payment of 3 billion KRW for the capital increase of Mecox CureMed was finally completed on the 25th.

Through this capital increase, MedicoX expanded its shareholding in Mecox CureMed from the previous 39.14% to 42.21%, strengthening its position as the largest shareholder.

The funds secured by Mecox CureMed from the capital increase will be primarily used for the development of COVID-19 treatments without any change from the original purpose. In addition, they plan to diversify the use of funds to accelerate the commercialization timeline of key pipelines such as the oral anticancer drug 'Mecbentu' and the arthritis treatment 'Bozanics,' both of which completed their Investigational New Drug (IND) application last month.

Currently, Mecox CureMed has entered the European preclinical trial phase for the COVID-19 treatment candidate 'M002-A' in collaboration with the European new drug development specialist company Tube Pharmaceuticals GmbH. Mecox CureMed announced in June that it verified the antiviral efficacy of the COVID-19 treatment candidate 'M002-A' through its own experiments conducted at a European virus research institute.