Cytogen, Inc. announced that it expects to receive KRW 10 billion in funding
September 03, 2020
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Cytogen, Inc. (KOSDAQ:A217330) announced a private placement of 3rd series non-guaranteed convertible bonds with bearer interest for gross proceeds of KRW 10,000,000,000 on September 4, 2020. The transaction will include participation from Cheil Bio Fund for KRW 7,000,000,000 and TNC Asset Management Co., Ltd. for KRW 3,000,000,000. The bond is issued at 0% coupon rate, 0% yield to maturity and will mature on September 25, 2025. The bonds can be 100% converted into 495,049 common shares for 8.79% stake of the company at a fixed conversion price of KRW 20,200 per share. The conversion period is from September 25, 2021 to August 25, 2025. The transaction has been approved by the board of directors of the company. The transaction is expected to close on September 25, 2020.
Cytogen Inc is a Korea-based company mainly engaged in the provision of liquid biopsy application services. The liquid biopsy application services include biomarker discovery and verification services, as well as liquid biopsy-based precision medical services which is the commercialization of companion diagnostics (CDx) development, among others. The biomarker discovery and verification services include circulating tumor cell (CTC)-based biomarker discovery and validation, gene mutation and transcript expression analysis, and drug testing and analysis services, among others. The liquid biopsy-based precision healthcare services include companion diagnosis, re-selection of therapeutic drugs, examination and treatment effectiveness monitoring, and recurrence prediction services, among others. In addition, the Company develops and sells platforms and kits for liquid biopsy. The Company distributes its products within the domestic market and to overseas markets.
CYTOGEN, INC. 
