Sejong Medical Becomes Second Largest Shareholder of Canaria Bio

[Asia Economy Reporter Jang Hyowon] Sejong Medical (CEO Yoon Byunghak) has emerged as the de facto second largest shareholder by acquiring 80 billion KRW worth of convertible bonds with warrants from Canaria Bio. Sejong Medical has completed the payment of 30 billion KRW for a third-party allotment capital increase and has decided on an additional 20 billion KRW capital increase. If the 80 billion KRW worth of convertible bonds with warrants acquired this time are converted into shares, Sejong Medical will secure an 11.7% stake in Canaria Bio, becoming the second largest shareholder.

Sejong Medical is expected to engage in joint management as the second largest shareholder and strategic partner of Canaria Bio. Canaria Bio is conducting a global Phase 3 clinical trial targeting ovarian cancer in a total of 16 countries, including the United States and major European countries, with more than two-thirds of patient recruitment completed, accelerating preparations for commercialization. Canaria Bio is seeking strategic partnerships for commercialization and stated that Sejong Medical will be an important partner in the commercialization process.

Recently, Nahaniik, CEO of Canaria Bio, stated, “It is difficult for the current standard treatments, Paclitaxel and Carboplatin, to achieve a progression-free survival (PFS) of more than 12 months. After the interim results in mid-next year, the probability of success can be considered to increase meaningfully each month as time passes.”

Meanwhile, Oregovomab is a new drug that showed a PFS of 42 months in a global Phase 2 clinical trial, which is 30 months longer than the existing standard treatment.