Shares of MEDIPOST, Korea's No. 1 cord blood bank corporations, surged in the after-market (3:40 p.m.–8 p.m.) on the 11th. It appears to be on news that the company is moving to raise funds to wrap up phase 3 clinical trials in the United States for a cord blood-derived stem cell-based therapy. (☞ [Exclusive] MEDIPOST seeks to raise 250 billion won... Skylake and Crescendo PE to invest an additional 100 billion won)
MEDIPOST shares traded at 12,820 won on Nextrade at 5:23 p.m. on the 11th. That was 5.95% (720 won) higher than the regular-session close that day (12,100 won). The share price at one point jumped to 14,500 won.
According to the investment banking (IB) industry, MEDIPOST is currently seeking to attract 100 billion–150 billion won in investment through BDA Partners. In addition, existing shareholders Skylake PE and Crescendo PE plan to contribute 50 billion won each, bringing the total to as much as 250 billion won.
MEDIPOST is raising investment funds to complete phase 3 clinical trials in the United States for its flagship product, "Cartistem." It has been sold in Korea since winning item approval from the Ministry of Food and Drug Safety in 2012, but in the United States it is still preparing for phase 3 trials. The market expects that if Cartistem's entry into the U.S. proceeds successfully, exports to Europe will also become possible.