'Magok Relocation Imminent' CG Inbites Sells Pangyo Office Building... "Securing Investment Funds"

CG Inbites (formerly Crystal Genomics) has embarked on securing investment funds through the sale of its Pangyo office building in preparation for the Magok era.

CG Inbites (formerly Crystal Genomics) logo [Photo by CG Inbites]

On the 25th, CG Inbites announced that it sold three floors of Building A in Korea Bio Park, Bundang-gu, Seongnam-si, Gyeonggi Province, which had been used as its office, for approximately 34.9 billion KRW. A company official explained, "The plan is to monetize redundant real estate to improve financial soundness and use the funds for clinical development for the future." Since the move to the new office in the Magok Industrial Complex, which was purchased in 2017 and began construction in 2020, is expected to take place around September, the company disposed of non-core assets to support new clinical development.

Earlier last month, CG Inbites secured liquidity of about 58 billion KRW through a third-party paid-in capital increase, resulting in New Lake Inbites becoming the largest shareholder. Going forward, the company plans to focus on improving short-term financial soundness through the sale of non-core assets such as investment properties and cost reduction, and additionally securing growth funds for research and development (R&D). Through this, it aims to secure assets worth approximately 130 billion KRW to conduct R&D for a considerable period and establish a management environment capable of new drug development and clinical trials without additional paid-in capital increases.

A CG Inbites official stated, “The sale of non-core assets is for asset efficiency,” and added, “We aim to improve the company’s financial structure in the short term through the profits generated from this sale.”

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