NgenBio Issues 20 Billion KRW Convertible Bonds... "Pursuing Entry into the US Market"

[Asia Economy Reporter Lee Gwan-ju] On the 30th, Ngenbio announced that it has decided to issue 20 billion KRW worth of third tranche anonymous, non-interest-bearing, non-guaranteed private convertible bonds to secure funds for establishing a US branch and investing in a CLIA lab.

The nominal interest rate and maturity interest rate are both 0%, the maturity period is 5 years, and the conversion price is 9,290 KRW.

Ngenbio plans to use the secured funds for establishing the US branch, investing in and building the CLIA lab, and operating expenses for overseas business to actively enter the US market. Since last year, Ngenbio has been continuously negotiating after signing a CDA with a US CLIA lab.

Additionally, with the COVID-19 situation easing, Ngenbio will launch full-scale promotions at 28 agencies across Asia and Europe and pursue overseas market expansion through aggressive sales activities.

An Ngenbio official explained, “As the first step to entering the US market, we will prioritize establishing a US branch as a localization strategy.”