Abion announced on the 10th that the conversion rights for the unconverted portion of the 4th series convertible bonds (CB) held by major shareholder Telcon RF Pharmaceutical and others have been exercised.
With this CB conversion request worth a total of 6 billion KRW, 913,936 new shares will be additionally listed. Previously, Telcon RF Pharmaceutical announced on the 30th of last month that it would convert CB worth 15 billion KRW into shares. As a result, the entire 21 billion KRW worth of the 4th series CB has been converted, and Telcon RF Pharmaceutical's shareholding ratio will increase to 27.94%.
Abion stated, "With the full conversion of the 4th series CB into shares, the debt ratio has decreased to the 60% range, and total equity has increased to 22.3 billion KRW, significantly improving the financial structure. With the active support of the major shareholder stabilizing the financial structure, we plan to focus more on research and development."
They added, "Based on excellent clinical results, we will accelerate the sale process through successful licensing out (LO) and third-party allotment paid-in capital increase."
Meanwhile, from the 31st of last month to the 4th (local time), Abion presented the cutoff results of the Phase 2 clinical trial of Babamekip at the American Society of Clinical Oncology (ASCO) held in Chicago, USA. It was the only domestic company to participate in the Industry Expert Session (IET) and demonstrated safety three times higher than global competing drugs. The company explained that this increases the possibility of accelerated approval by the U.S. Food and Drug Administration (FDA) and means that the drug could become the most preferred by physicians thereafter.
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