by Jang Hyowon
Published 26 Sep.2023 14:03(KST)
InscoBio, a KOSPI-listed company (CEO Gu Ja-gap), announced on the 26th that it has completed the first phase of capital expansion through equity conversion and a paid-in capital increase of its U.S. subsidiary for the Phase 3 clinical trial of ‘Apitox’ being promoted by its subsidiary Apimez in the United States under the FDA.
Apimez’s U.S. subsidiary is currently advancing the Phase 3 clinical trial of Apitox, a candidate drug for multiple sclerosis (MS), a representative autoimmune disease. The domestic new drug No. 6, ‘Apitoxin,’ which contains the same ingredient as Apitox, is a mellitin-based treatment for osteoarthritis pain and inflammation.
Apimez plans to resell Apitoxin through a Drug Repositioning strategy. Since last year, it has been collaborating with BC World Pharm, and full-scale sales are expected to begin in the fourth quarter after approval from the Ministry of Food and Drug Safety. The company expects that the success of ‘Apitoxin’ relaunch in Korea will positively influence investment attraction in the U.S. as well.
Since July, InscoBio has been dispatching its Chief Financial Officer (CFO) to the U.S. to actively work on improving its financial structure. Through discussions with U.S. investment banks, the company completed the first phase of capital expansion at the end of August via equity conversion and capital increase for the U.S. subsidiary, and it is accelerating practical consultations to implement the next phase, the company explained.
Additionally, InscoBio is also promoting the recruitment of personnel with extensive experience in new drug development and investment attraction as the CEO of Apimez US in cooperation with the U.S. investment bank.
Gu Ja-gap, CEO of InscoBio and Apimez, stated, “Following the post-COVID period, as the previously contracted bio investment sentiment has resumed, we have restarted the Phase 3 clinical trial through this equity conversion and capital expansion. Even if the U.S. subsidiary conducts large-scale fundraising in the future, stable management control will be possible.” He added, “We are working more closely with U.S. investors for the prompt progress of Apitox’s Phase 3 clinical trial,” and further stated, “The CEO recruitment will proceed without any setbacks.”
Meanwhile, Gu Ja-gap, CEO of InscoBio, disclosed on the 22nd through a public announcement that he purchased an additional 59,000 shares of the company’s stock as a demonstration of responsible management. The purchase price per share was 1,196 KRW. As a result, the total number of shares held by the largest shareholder and related parties increased to approximately 13.17 million shares, raising the shareholding ratio to 11.36%.
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