Instech Corp announced that it has received KRW 3.20 billion in funding from Corentec Co., Ltd.
February 27, 2014 at 11:00 pm EST
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Instech Corp announced a private placement of 84,350 shares at KRW 37,936.84 per share for gross proceeds of KRW 3,199,972,240 with new investor, Corentec Co., Ltd. on February 5, 2014. The investor will acquire 16,870 existing shares and subscribe for 67,480 new shares in the transaction. The transaction was approved by the board of directors of the investor. The payment date for the transaction is February 28, 2014. The investor will acquire 35.7% stake in the company through this transaction.
On February 28, 2014, Instech Corp closed the transaction.
Corentec Co., Ltd. is a Korea-based company engaged in the development, manufacture and sale of orthopedic implants. The Companyâs products consist of hip products, including primary systems, hemi-arthroplasty systems and revision systems, such as cementless femoral stems, cemented femoral stems, cups for acetabular systems, bearing systems and others; knee products, including primary knee system fixed type, primary knee system mobile type, revision knee systems and augments systems, and spine products, including pedicle screws and peek cages. The Company mainly provides its hip products under the brand name of BENCOX, knee products under the brand name of LOSPA and spine products under the brand name of LOSPA IS. The Company distributes its products within domestic market and to overseas markets.
CORENTEC CO., LTD. 
