MedPacto, Inc. announced that it expects to receive KRW 70 billion in funding
December 23, 2020
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MedPacto, Inc. (KOSDAQ:A235980) announced a private placement of series 4 bearer no warranty privately held convertible bonds of KRW 70,000,000,000 on December 23, 2020. The transaction will include participation from Cape-Centum No. 6 New Technology Business Fund for KRW 24,500,000,000, Friend new technology Business Fund No. 38 for KRW 17,500,000,000, Meritz Alpha View New Technology Finance Association No. 2 for KRW 21,000,000,000, and Ace Mercury New Technology Fund No. 12 for KRW 6,300,000,000, Suseong KOSDAQ Venture M10 Specialized Investment Private Equity Investment Trust for KRW 700,000,000. The bonds carry zero coupon rate and interest to maturity of 1% per annum. The bonds will mature on January 15, 2024. The bonds are convertible into 685,058 shares of the company at a conversion price of KRW 102,181 per share. The conversion date will starts at January 15, 2022 and ends on December 15, 2023. The transaction is expected to close on January 15, 2021. The transaction has been approved by the board of directors of the company.
On December 24, 2020, the company announced that the bonds will now be convertible into 686,894 shares of the company at a conversion price of KRW 101,908 per share. The company also announced that the transaction will not include participation from Suseong KOSDAQ Venture M10 Specialized Investment Private Equity Investment Trust and Ace Mercury New Technology Fund No. 12 will now subscribe for KRW 7,000,000,000 in the transaction.
MedPacto, Inc. is a Korea-based company principally engaged in the research and development of biopharmaceuticals. The Company researches and develops anticancer drugs and diagnostic kits including vactosertib, MA-B2 and others. The products are used as the treatment of multiple myeloma, lung cancer, stomach cancer, colon cancer, blood cancer, triple negative breast cancer and pancreatic cancer, among others.