BDI Improves Financial Structure through BW·CB Rights Exercise... "Expecting Results in Renewable Energy and Bio Businesses"

[Asia Economy Reporter Yoo Hyun-seok] VIDI announced on the 12th that financial structure improvement is expected following the exercise of warrants for the 9th series of bonds with warrants (BW), and the pre-maturity acquisition and resale of the 8th series convertible bonds (CB), along with the exercise of conversion rights.

VIDI disclosed that warrants for the 9th series BW amounting to a total of 11.6 billion KRW were exercised last November with 7.98 billion KRW and twice in December with 3.62 billion KRW. Through this warrant exercise, VIDI expects an improvement in its financial structure due to the capital increase of 11.6 billion KRW.

Additionally, on the 7th, VIDI announced that it acquired the 8th series CB worth 7 billion KRW before maturity through negotiations with bondholders. On the same day, to improve its financial structure and secure operating funds, the company resold the CB for 7 billion KRW. The entire amount of the resold CB was converted on the 10th, which is expected to further improve the financial structure.

The company explained that the expected financial structure improvement and operating funds through these BW and CB will greatly assist in accelerating the newly initiated renewable energy and bio-business projects.

A VIDI representative stated, “Although some projects have been delayed due to licensing issues, the renewable energy business is progressing relatively smoothly,” adding, “This year, the company will focus its capabilities to achieve visible results in the renewable energy business.”

He continued, “Clinical trials for the anticancer pipeline being developed by our U.S. subsidiary, Ellison, are also progressing well,” and added, “We are making multifaceted efforts through close consultations with Ellison to realize early profitability in the bio-business.”

So far, VIDI has achieved orders totaling 1.43 trillion KRW in the renewable energy sector, including 903.2 billion KRW in wind power generation, 324.6 billion KRW in fuel cell power generation, 154 billion KRW in solar power generation, and 50 billion KRW in waste-derived solid fuel power generation.

Furthermore, through its U.S. subsidiary, Ellison Pharmaceuticals, VIDI is developing ▲ ‘Glufosfamide’ for second-line pancreatic cancer treatment (currently in Phase 3 clinical trials in the U.S.) ▲ ‘ILC’ for lung cancer treatment (applying for Phase 2 and Phase 3 clinical trials in the U.S.) ▲ ‘DBD’ for brain cancer treatment (Phase 3 clinical trials planned).