GI Innovation, Inc. announced a private placement of 714,285 shares at a price of KRW 7,000 for gross proceeds of KRW 4,999,995,000 on June 28, 2018. The transaction includes participation new investor Cancer Rop Co., Ltd. (KOSDAQ:A180400). The transaction is expected to close on July 13, 2018.

The transaction has been approved by the board of directors of the company. The company reported total assets of KRW 4,007,000,000, total liabilities of KRW 47,000,000, total capital of KRW 3,960,000,000, capital of KRW 1,146,000,000,000 and net loss of KRW 487,000,000.