Kolon Biotech, Inc. announced a private placement of 70,000 common shares at an issue price of KRW 14,200 for proceeds of KRW 994,000,000 on May 9, 2023. The transaction will include participation from returning investor Kolon Life Science Inc currently owns 100% stake. The company will issue the shares pursuant to shareholder allocation method.

The transaction has been approved by the board of directors of the company.