Genome&Company to Issue Convertible Bonds Worth 23 Billion KRW

Genome & Company announced on the 6th that it has decided to issue 23 billion KRW worth of anonymous private convertible bonds (CB) for the purpose of raising operating funds.

Genome&Company CI [Photo by Genome&Company]

The company explained the fund raising by stating, "Despite the difficult situation caused by interest rate hikes, we succeeded in raising funds," and added, "With the funds raised this time combined with existing funds, we expect to stably lead each business division, including new drug development."

This fund raising was conducted in a bridge format following the fundraising carried out in September last year. A total of 15 institutions, including the lead underwriter Korea Investment & Securities, decided to invest, and according to the contract, the CB investment funds will be paid on the 7th.

Park Byung-kyu, Head of the Communication Group (Executive Director) at Genome & Company, who oversaw this fund raising, said, “Although the funding market is not yet favorable, the fact that the amount raised exceeded the initial planned amount is a positive signal that investors’ expectations and interest in the microbiome therapeutic market are gradually expanding.”

CEO Bae Ji-soo of Genome & Company also expressed gratitude, saying, “We thank all investors who decided to invest believing in our growth despite the difficult market conditions,” and added, “This year is an important time with the planned announcement of interim results of the ‘GEN-001’ Phase 2 clinical trial and the entry into the ‘GENA-104’ clinical trial. We see this as a period to achieve meaningful results related to the efficacy of immune-oncology microbiome therapeutics and new target discovery technology. Starting with new target immune-oncology therapeutics, we will secure stable cash flow by deriving license-out achievements.”

This content was produced with the assistance of AI translation services.