PANACEA Inc. announced a private placement of 2,000,000 common shares at a price of KRW 2,145 per share for gross proceeds of KRW 4,290,000,000 on May 2, 2023. The transaction will include participation from returning investor, Crystal Bio Sciences Co., Ltd. Post the closing, the number of shares will increase from 18,078,428 to 20,078,428. The shares will be issued at premium.

The shares will be issued through third party allotment method. The shares will have a lock up period of one year. The payment date is May 10, 2023.

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