Panagene Inc. announced a private placement of 8,867,867 commons shares at an issue price of KRW 3,383 for the gross proceeds of KRW 29,999,994,061 and the company issue 32,136,660 shares for gross proceeds KRW 16,068,330,000 for aggregate gross proceeds of KRW 46,068,324,061 on June 21, 2023. The company will issue share through 3rd party allocation increase. The transaction will include participation from new investors HLB Co., Ltd. for 3,842,743 shares, HLB Investment Co., Ltd. for 591,191 shares, HLB bioStep Co.,Ltd. for 3,251,551 shares, HLB innoVation Co.,Ltd. for 591,191 shares, and HLB Therapeutics Co.,Ltd. 591,191 shares.

The expected closing date of the transaction is August 3, 2023. The transaction has been approved by board of directors of the company. The shares are subject to mandatory hold period of one year.