200 Billion KRW Third-Party Allocation Paid-in Capital Increase
Payment to Be Received in SK Bioscience Shares
Endometriosis New Drug 'Marigoldix'
Results Expected in First Half of Next Year
Tium Bio, a rare and intractable disease drug research and development company, will receive an investment of 20 billion KRW from SK Chemicals.
On the 20th, Tium Bio announced that it will conduct a third-party allotment paid-in capital increase worth 20 billion KRW (2,321,850 shares) targeting SK Chemicals. The convertible preferred shares issued through this will account for 8.33% of the total shares of Tium Bio. Notably, these new shares will be subject to a one-year mandatory lock-up period.
The payment for this capital increase will be made by SK Chemicals contributing 290,276 shares of its subsidiary SK Bioscience’s listed stock to Tium Bio in kind on the 28th. This corresponds to 0.55% of the total issued shares of SK Bioscience.
With this, Tium Bio’s capital will be increased by 20 billion KRW, and including the 18.5 billion KRW convertible bonds issued last October, the total liquid assets will increase to 40 billion KRW, thereby further strengthening financial stability for new drug research and development (R&D).
Tium Bio was founded by CEO Kim Hoon-taek, who served as head of SK Chemicals’ Innovation R&D Center, along with key researchers. Currently, its main new drug pipelines include treatments for endometriosis and uterine fibroids ‘Marigoldix (TU2670)’, immuno-oncology drug ‘TU2218’, and hemophilia treatment ‘TU7710’.
Marigoldix is currently undergoing a Phase 2 clinical trial in Europe for the indication of endometriosis, with top-line clinical results expected in the first half of next year. TU2218 is in a Phase 1b clinical trial for combination therapy with ‘Keytruda’, with results also expected around the first half of next year, and TU7710 aims to enter Phase 1b clinical trials next year.
Kim Hoon-taek, CEO of Tium Bio, said, “We appreciate SK Chemicals’ investment decision for Tium Bio’s innovative new drug research and development,” adding, “We will accelerate clinical development to create innovative new drugs that can bring hope to patients with rare and intractable diseases worldwide.”
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