Gene Techno Science Co.,Ltd. announced that it expects to receive ¥603.495742 million in funding from CVI Investments, Inc.
September 29, 2019
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Gene Techno Science Co.,Ltd. (TSE:4584) announced a private placement of 30 second unsecured convertible bonds with stock acquisition rights for a gross proceeds of ¥600,000,000 and 7,298 9th stock acquisition rights at an issue price of ¥479 each for gross proceeds of ¥3,495,742, for aggregate gross proceeds of ¥603,495,742 on September 30, 2019. The bonds bear no interest and will be redeemable on October 17, 2022 at a par value ¥100. The transaction included participation from CVI Investments, Inc.. All second unsecured convertible bonds will be convertible into 810,810 common shares at maximum conversion price of ¥740 or 1,621,621 common shares at minimum conversion price of ¥370. Each 9th stock acquisition rights will be exercise into 729,800 common shares at a maximum exercise price of ¥740 or minimum exercise price of ¥370 and will receive proceeds of ¥543,547,742. The stock acquisition rights exercise price is from October 16, 2019 to October 17, 2022 and 9th stock acquisition rights exercise price is from October 17, 2019 to October 17, 2023. All securities in this transaction are issued through a third party allotment method. The transaction has been approved by the board of directors. The transaction is expected to closed on October 16, 2019.
Kidswell Bio Corp, formerly Gene Techno Science Co Ltd, is a Japan-based company mainly engaged in the development of biopharmaceuticals. The biosimilar business is engaged in the research, development and provision of filgrastim biosimilar products and pegfilgrastim biosimilar products for cancer, darbepoetin alfa biosimilar products for renal diseases, and ranibizumab biosimilar products for eye diseases. The new biopharmaceutical business is engaged in the research and development of anti-RAMP2 antibodies for cancer and eye diseases, as well as new antibodies. The new biotechnology business is engaged in the development of regenerative medicine products that utilize intracardiac stem cells for pediatric congenital heart diseases, and regenerative medicine products that utilize dental pulp stem cells for cleft lip and palate and intestinal ganglion cell deficiency diseases, as well as the joint research business with universities.