Gene Techno Science Co.,Ltd. announced that it expects to receive ¥604.852632 million in funding from CVI Investments, Inc.
March 22, 2020
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Gene Techno Science Co.,Ltd. (TSE:4584) announced a private placement of 30 third unsecured convertible bonds with stock acquisition rights for a gross proceeds of ¥600,000,000 and 16,284 10th stock acquisition rights at an issue price of ¥298 each for gross proceeds of ¥4,852,632, for aggregate gross proceeds of ¥604,852,632 on March 23, 2020.The bonds bear no interest and will be redeemable on July 31, 2023 at a par value ¥100. The transaction will include participation from existing investor CVI Investments, Inc.. All third unsecured convertible bonds will be convertible into 1,252,609 common shares at maximum conversion price of ¥479 or 2,500,000 common shares at minimum conversion price of ¥240. Each 10th stock acquisition rights will be exercise into 1,628,400 common shares at a maximum exercise price of ¥479 or minimum exercise price of ¥240 and will receive proceeds of ¥780,003,600. The stock acquisition rights exercise price is from January 9, 2021 to July 9, 2023 and 10th stock acquisition rights exercise price is from January 9, 2021 to July 9, 2024. All securities in this transaction are issued through a third party allotment method. The transaction has been approved by the board of directors. All securities are issued in the transaction subjected to lock up period. The transaction is expected to close on April 8, 2020.
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.