Aprogen pharmaceuticals,Inc. announced a private placement of 100,000,000 common shares at an issue price of KRW 500 per share for the gross proceeds of KRW 50,000,000,000 on October 4, 2022. The transaction will include participation from returning investor Aprogen Medicines Inc. The transaction has been approved by the board of directors of the company. The company issued shares through third party allotment.

The transaction is expected to close on February 28, 2023. The shares have a holding period of one year.