Austin Pharma Llc announced that it has received KRW 10 billion in funding from Biosmart Corporation
June 06, 2016
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Austin Pharma Llc announced a private placement of 20,000,000 shares at KRW 500 per share for gross proceeds of KRW 10,000,000,000 on June 7, 2016. The transaction will involve participation from new investor Biosmart Corporation (KOSDAQ:A038460) which will acquire 63.29% stake in the company. The scheduled acquisition date is June 7, 2016. The transaction has been approved by investor's board of directors. The company reported total assets of KRW 14,105,000,000, total liabilities of KRW 22,658,000,000, total capital of KRW -8,553,000,000, capital of KRW 6,600,000,000, sales of KRW 9,226,000,000 and net loss of KRW 5,741,000,000 for the year ended December 31, 2015.
BioSmart Co., Ltd. is a Korea-based company mainly engaged in credit card business. The Company produces and issues domestic credit cards and electronic money systems under the brand name BS, and provides credit card issuing services, mailing systems, issuing equipment such as embossers and transcribers, and sending machines such as card sending machines and mail sending machines. Its card category includes magnetic stripe cards, integrated circuit (IC) cards, smart cards, combination cards, radio frequency (RF) cards, global systems for mobile communications (GSM) cards and others. The Company also involves in the manufacture of biological chips, cosmetics and health food through its affiliates.
BIOSMART CO.,LTD. 
