ORIENT BIO Inc. (KOSE:A002630) announced a private placement of 16,770,970 common shares at a price of KRW 696 per shares for gross proceeds of KRW 11,672,595,120 on July 28, 2020. The transaction included participation from existing investor MDAS Inc. for 7,183,910 shares and Orient Precision Industries Inc. for 9,587,060 shares. The transaction will close on August 5, 2020.

The company will raise equity through third party allotment. The securities will subject to a lock-up period of one year. The transaction has been approved by board of director of the company.