Haitron Invests in US Nasdaq-Listed Company... Collaborates with GPCR for New Drug Development

Haitron will participate in a paid-in capital increase of a U.S. Nasdaq-listed company to collaborate on bio-business with GPCR, a targeted anticancer drug development company. It also resolved the backdoor listing issue by deciding to withdraw convertible bonds.

According to the Financial Supervisory Service's electronic disclosure system on the 5th, Haitron announced that it acquired a 60.54% stake by participating in a third-party allotment paid-in capital increase worth KRW 13.779 billion in Exicure Inc., a U.S. Nasdaq-listed company. This amount corresponds to 158% of Haitron's equity capital, and the scheduled acquisition date is the 14th of this month.

Exicure is developing therapeutics capable of entering cells based on exclusive SNA (spherical nucleic acid) technology and is known to have partnerships with multinational pharmaceutical companies.

Earlier, Haitron and GPCR signed a strategic alliance for joint business on the 1st. Haitron will provide financial support, while GPCR will be responsible for new drug development. Established in 2013, GPCR specializes in anticancer drugs targeting GPCR, various cell membrane proteins that make up the cell surface. GPCR targets the world's first 'GPCR heteromer,' where two different GPCRs form a pair.

Additionally, GPCR is also pursuing the development of obesity treatments. Since glucose-dependent insulinotropic polypeptide (GIP), glucagon, amylin, and other major obesity treatment targets, including Wegovy, are all GPCRs, the company anticipates the possibility of developing competitive therapeutics.

Haitron stated that regarding GPCR's U.S. Food and Drug Administration (FDA) Phase 2 clinical trials, it plans to lead the process by raising clinical funds through the newly acquired Nasdaq-listed company. GPCR will transfer its bio-related intellectual property (IP) to its U.S. subsidiary, GPCR Therapeutics, and the Nasdaq-listed Exicure will acquire and merge GPCR Therapeutics as part of the strategy.

Meanwhile, along with this investment, Haitron also withdrew the previously announced 28th and 29th series of convertible bond issuances. The company explained that this marks the conclusion of the backdoor listing issue.