Genome&Company Decides on 34.3 Billion KRW Capital Increase... "Investment in Pipeline Research Costs"

[Asia Economy Reporter Lee Gwan-joo] Genome & Company announced on the 18th that it has decided to conduct a third-party allotment paid-in capital increase worth 34.3 billion KRW for the purpose of raising operating funds.

Genome & Company will issue 1,871,921 convertible preferred shares (CPS) to investors participating in this third-party allotment paid-in capital increase. The issue price is 18,350 KRW per share, with 10 institutional investors including InterVest participating as major investors.

The raised funds will be invested in the development of Genome & Company's main pipelines, ‘GEN-001’ and ‘GENA-104’, as well as research expenses for new pipelines. The immune-oncology microbiome therapeutic ‘GEN-001’ is currently undergoing a Phase 2 clinical trial for gastric cancer, with interim results planned to be announced in the first half of next year. In addition to gastric cancer, ‘GEN-001’ is preparing for a Phase 2 clinical trial targeting cholangiocarcinoma under a joint development agreement signed with MSD in March.

Furthermore, the new target immune-oncology drug ‘GENA-104’ presented new targets and preclinical results at the American Association for Cancer Research (AACR) last year and this year, and plans to complete preclinical trials within this year. It aims to enter full-scale clinical trials next year.

Seo Young-jin, CEO of Genome & Company, said, “We decided on this paid-in capital increase to create conditions that allow us to focus on stable research and development based on the potential value of our main pipelines,” adding, “Through ‘GEN-001’, which is currently in Phase 2 clinical trials, and ‘GENA-104’, which is about to enter Phase 1, we will develop new drugs that can lead the global immune-oncology market.”