CJ Bioscience announced on the 22nd that it will proceed with a paid-in capital increase worth approximately 65 billion KRW to secure funds for research and development (R&D) investment. The method of the paid-in capital increase is a rights offering followed by a general public offering of unsubscribed shares, with the number of new shares to be issued totaling 3,233,830 shares.
The expected issue price per new share is 20,100 KRW, and the record date for the new shares is July 10. CJ Bioscience will issue registered common shares through a rights offering followed by a general public offering of unsubscribed shares, as resolved by the board of directors on the same day.
The company explained that this paid-in capital increase is a decision aimed at achieving the goal of developing new microbiome drugs. Having secured growth momentum for new drug development through the clinical development of CJRB-101 in the United States and Korea, as well as the acquisition of a new pipeline from 4D Pharma in March, the company is now seeking additional funding. CJRB-101 is an immune-oncology targeted new drug candidate secured by CJ Bioscience, which received approval from the U.S. Food and Drug Administration (FDA) earlier this year for its Phase 1 and Phase 2 clinical trial plans (IND).
A CJ Bioscience representative stated, "By integrating the 'Ez-Mx platform,' a microbial database precision analysis platform, with 4D Pharma’s platform technology, we have secured differentiated capabilities for discovering new drug candidates," adding, "We expect to build a wellness new business foundation, including personalized health management solutions through microbiome database analysis, which will also create synergy with CJ CheilJedang’s health functional food business."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
