CG Invites Sells Pangyo Headquarters Assets... "Securing Additional R&D Funding"

Enhancing Financial Soundness to Utilize Investment Resources for Clinical Development

CG Inbites announced on the 25th that it has sold three floors of its headquarters building located in Pangyo, Bundang-gu, Gyeonggi-do. The property being sold is real estate owned by CG Inbites on Daewangpangyo-ro, Bundang-gu, Seongnam-si, Gyeonggi-do, with a sale price of approximately 34.9 billion KRW.

CG Inbites decided to liquidate overlapping real estate assets to improve financial soundness and use the funds for clinical development investments for the future. With the headquarters relocating to a new office in Magok, Seoul, this September, the company aims to secure liquidity and dispose of non-core assets to support new clinical developments, which are its growth drivers.

Earlier, in June, CG Inbites secured liquidity of 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, while additionally securing growth funds for R&D.

By selling assets not included in CG Inbites’ core business areas, the company will secure cash liquidity necessary for new drug development and accelerating clinical trials. It is expected to secure assets worth approximately 130 billion KRW to conduct R&D for a considerable period. The company added that it aims to establish a management environment capable of new drug development and clinical trials without additional paid-in capital increases.

A CG Inbites representative stated, "The sale of non-core assets is for asset efficiency," and added, "We intend to improve the company’s financial structure in the short term through the profits generated from the sale process."

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