[Asia Economy Reporter Jang Hyowon] Kainosmed, a new drug company for brain disease treatment, announced on the 15th that it achieved an oversubscription of 117,009,465 shares for the general public offering of 252,155 forfeited shares conducted from the 13th to 14th, resulting in a subscription rate of 2184.95% for this rights offering including existing shareholders' subscription.
Kainosmed is currently conducting the world's first Phase 2 clinical trial in the US for the Parkinson's treatment drug ‘KM-819’, and a Phase 2 clinical trial in Korea for the multiple system atrophy treatment drug is also scheduled to begin soon. Additionally, the AIDS treatment drug ‘ACC007’ has started sales in China and is reflected in revenue, and ‘ACC008’ is also awaiting marketing approval.
Lee Jaemoon, CEO of Kainosmed, stated, “Despite the declining sentiment toward the pharmaceutical and bio industry, following the high subscription rate in the previous rights offering to existing shareholders, we achieved an oversubscription without forfeited shares at a high competition rate of 464 to 1 in this general public offering. Through successful fundraising, the company will focus on ongoing research and development based on stabilized finances to enhance corporate value and maximize shareholders' profits.”
Meanwhile, the funds raised through this rights offering will be paid on the 16th, and the listing date of the new shares is the 28th.
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