Bridge Biotherapeutics announced on the 26th that the payment for the rights offering worth 21.5364 billion KRW has been completed. The listing date for the 13.7 million new shares issued through this capital increase is scheduled for the 8th of next month.
Bridge Biotherapeutics initiated the capital raising process through a rights offering following a board resolution in April. The final issue price was set at 1,572 KRW, and the subscription rate for existing shareholders during the two-day public offering held from the 17th reached 104.56%, completing the process without any forfeited shares. Major shareholders, including CEO Lee Jung-kyu, key executives, and employees participated in the subscription as existing shareholders. Ligand Chem Biosciences, the original discoverer of BBT-877, a candidate drug for idiopathic pulmonary fibrosis, and a continuing collaborator, also subscribed 100% of its allocated shares.
The newly raised funds will mostly be invested in accelerating the development of global innovative new drugs such as BBT-877 and BBT-207, a candidate drug for non-small cell lung cancer. Patient recruitment for the ongoing multinational Phase 2 clinical trial of BBT-877 is nearing completion, with results expected to be announced in the first half of next year. BBT-207 is currently in Phase 1 clinical trials.
Lee Jung-kyu, CEO of Bridge Biotherapeutics, said, “We are grateful to successfully complete the rights offering process thanks to the support of our existing shareholders. We will do our best to ensure that ongoing business development activities, including technology transfer negotiations, bear fruit as soon as possible to repay the support of our shareholders.”
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