Cytogen Completes Investment Payment... "Strengthening Financial Soundness and Accelerating New Business"

Cytogen announced on the 28th that the payment for new shares amounting to 40 billion KRW and the payment for convertible bonds (CB) amounting to 15.5 billion KRW have been completed.

On the 27th, Cytogen disclosed that the appointment of new board members requested by the investors has been finalized. Through this funding, the company plans to strengthen its financial soundness and accelerate new business initiatives.

The newly appointed board members include Min Seung-gi, CEO of Excelsior Capital Korea, who led the investment, along with three others. Until new co-CEOs and other executives are appointed after deal closing, the existing board members will jointly manage the company together with the new members.

CandyX Holdings will become the largest shareholder of Cytogen through this new share issuance, convertible bonds, and acquisition of existing shares. Along with new strategic investors (SI) and financial investors (FI), the company plans to add business areas that can stabilize existing operations and maximize synergies, aiming to grow into a comprehensive diagnostic company.

A Cytogen representative stated, “We are currently actively targeting the liquid biopsy markets in the U.S. and Japan and will make next year the first year of commercialization. At the opening ceremony of the Japan branch scheduled for the 10th, we will invite leading pharmaceutical companies and institutions in Japan to aggressively target the 24 trillion KRW liquid biopsy market in Japan.”

They added, “At the JP Morgan Healthcare Conference in January, business partnering with prestigious institutions such as the Mayo Clinic is planned. We will also accelerate our entry into the U.S. market through the acquisition of a CLIA Lab and solidify our position in the U.S. and Japanese CTC liquid biopsy markets.”