STCube announced on the 25th that it has fully met the delisting removal requirements by achieving a high subscription rate in the rights offering conducted for existing shareholders.
On this day, STCube disclosed that the subscription rate by existing shareholders for the rights offering conducted from the 21st to 22nd of this month reached 87%. Out of the total 18.5 million shares offered, 16,091,753 shares (approximately KRW 59.5 billion) were subscribed by existing shareholders. According to STCube’s initial budget plan, the delisting removal condition would be met if capital is raised at least KRW 30 billion, including the surplus, through this rights offering.
The remaining odd-lot shares and forfeited shares amount to 2,408,247 shares, for which a general public subscription will be held over two days from the 26th to 27th. General investors can subscribe through the lead underwriter LS Securities and the co-managers Korea Investment & Securities and Hanyang Securities. The final issue price of the rights offering is KRW 3,695 per share.
An STCube official stated, “The subscription rate by existing shareholders in this rights offering has effectively fulfilled the requirements for delisting removal,” adding, “Considering that excess subscription by existing shareholders is not allowed in this rights offering method, the subscription rate is very high.”
He continued, “Despite the challenging market environment for corporate fundraising recently, the strong support for the technical value and excellence of ‘Nelmastovat’ contributed to the successful progress of this capital increase. Considering the high subscription rate by existing shareholders, expectations for delisting removal, encouraging clinical results, and the current stock price compared to the issue price, we expect the general public subscription to continue to perform well.”
STCube, designated as a management stock in March this year, has simultaneously pursued sales diversification, technology licensing (L/O) of Nelmastovat, and investment attraction to resolve the pre-tax continuing business loss (EBIT) condition that led to the designation. Jung Hyunjin, the actual largest shareholder and CEO of STCube, declared responsible management and actively strengthened control.
In October, STCube & Company, an affiliate, became the single largest shareholder of STCube through a KRW 13 billion third-party allotment capital increase payment. The existing largest shareholder Biomedic Holdings and the special related company STScience, who were allocated subscription rights in this rights offering, completed 100% subscription of their allocated shares. It was also explained that employees actively subscribed considering their personal financial situations.
The official said, “Nelmastovat currently shows remarkable response rates in terminal colorectal cancer and small cell lung cancer, demonstrating superior efficacy and safety compared to existing treatments,” and added, “Starting this year, we expect the company to enter a full turnaround trajectory with delisting removal, excellent clinical results, and commercialization progress.”
Meanwhile, STCube announced interim results of the first-in-class anti-BTN1A1 immune checkpoint inhibitor Nelmastovat’s colorectal cancer investigator-initiated clinical trial phases 1b/2 and small cell lung cancer clinical trial phases 1b/2 within the group.
According to the interim data, among 19 patients with metastatic colorectal cancer who had undergone third-line or later treatment, 4 achieved partial response (PR) and 13 had stable disease (SD), resulting in an objective response rate (ORR) of 21%. This significantly surpasses Keytruda monotherapy’s ORR of 0% and Opdivo combination therapy’s ORR of 7%. Additionally, in the clinical phase 2a trial for recurrent or refractory extensive-stage small cell lung cancer, 2 out of 3 patients showed PR and 1 showed SD.
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