STCube, 44.5 Billion KRW Capital Increase... "Simultaneous Advancement of Clinical Trials and Technology Transfer"

[Asia Economy Reporter Hyungsoo Park] STCube, a company developing new immune checkpoint inhibitor drugs, has begun raising funds to actively advance the global clinical trials of its innovative new drug candidate (hSTC810).

On the 8th, STCube announced that it will conduct a rights offering followed by a general public offering of unsubscribed shares, raising approximately 44.5 billion KRW. If there are still unsubscribed shares after the general offering, the lead managers KB Securities and Hanyang Securities will underwrite them.

The planned issue price is 3,875 KRW, applying a 25% discount compared to the reference stock price. The record date for new share allocation is set for the 8th of next month, with approximately 0.36 new shares allocated per one existing share. The final issue price will be confirmed on May 16.

After completing the capital increase, STCube will actively proceed with the clinical trials of hSTC810. In January, STCube received approval from the U.S. Food and Drug Administration (FDA) for the clinical trial application (IND) of hSTC810 Phase 1. Approval for the domestic Phase 1 IND from the Ministry of Food and Drug Safety is expected within this month.

An STCube official explained, "Unlike the indiscriminate fundraising by domestic new drug development venture companies recently, STCube’s capital increase has a clear purpose for fundraising and a transparent plan for fund execution."

They added, "We will complete preparations for patient enrollment in clinical trials within this month and will soon register the first patient," and "We are conducting due diligence on hSTC810 under confidentiality agreements (CDA) with several multinational pharmaceutical companies."

The immune checkpoint inhibitor hSTC810 is a solid tumor treatment targeting BTN1A1, a protein exclusively expressed with PD-L1. STCube will present research results on the anti-BTN1A1 antibody hSTC810 at the upcoming American Association for Cancer Research (AACR) meeting next month.

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