[Asia Economy Reporter Jang Hyowon] MedicoX, a KOSDAQ-listed company, announced on the 28th that it will raise 40 billion KRW to strengthen its new businesses, including Oramed oral insulin and medical cannabis oil Cannabidiols (CBD).
On the 27th, MedicoX held a board meeting and decided to issue the 19th, 20th, and 21st series of convertible bonds targeting Meritz Securities, Now Investment, and Elbio Production Activation Equity No.1. The issuance scale is 22.5 billion KRW, 7.5 billion KRW, and 10 billion KRW respectively, totaling 40 billion KRW, with payment dates on the 29th, February 28th, and March 31st.
MedicoX plans to actively invest the funds raised this time in domestic clinical trial costs and license payments for Oramed oral insulin, establishment of a corporate-affiliated research institute to strengthen the bio business, development of advanced synthetic new drugs related to medical cannabis oil Cannabidiols (CBD), and import of CBD oil. In addition to strengthening existing business capabilities, the company will also secure financial soundness through debt repayment.
MedicoX CEO Oh Daehwan said, “With this investment attraction as a turning point, we will strive to grow as a bio company in 2023,” and added, “When the topline results of Oramed oral insulin are announced in January next year, considering the domestic diabetes treatment market growing more than 7% annually, it will be a business that leads the company’s growth.”
He continued, “We will also make efforts to achieve visible results in the medical cannabis oil business sector.”
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