Cytogen, Inc. announced that it expects to receive KRW 69.99999 billion in funding from Excelsior Capital Korea Limited
September 25, 2023
Share
Cytogen, Inc. announced a private placement of 2,758,620 common shares at an issue price of KRW 14,500 per share for the gross proceeds of KRW 39,999,990,000 and Series 5 Unsecured Private Placement Convertible Bonds for the gross proceeds of KRW 30,000,000,000; 69,999,990,000 aggregate gross of proceeds of KRW on September 26, 2023. The transaction will include participation from new investor Excelsior Capital Korea Limited for 2,758,620 shares. The transaction has been approved by the shareholders of the company. The shares are restricted to the hold period of 1 year from date of issue. The transaction is expected to close on October 27, 2023.
Series 5 bonds - The transaction will include participation from new investor Excelsior Capital Korea Limited for KRW 30,000,000,000. The bonds are 100% convertible into 1,859,081 common shares at a fixed conversion price of KRW 16,137 from October 27, 2024 to September 27, 2026. The bonds will mature on October 27, 2028. The bonds bear zero coupon rate and zero maturity date. The securities are restricted to a hold period of 1 year and is expected to close on October 27, 2023.
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. 
