On the 24th morning, Cellumed shares are hitting the upper price limit. The news comes as L&C BIO's subsidiary L&C ES is set to become the largest shareholder.
As of 10:02 a.m. on the 24th, Cellumed is trading at 1,459 won on the KOSDAQ market, up 336 won (29.92%) from the previous session. Cellumed has hit the upper price limit for three consecutive days following the previous session.
It is seen as buying interest flocking on news that L&C ES, a subsidiary of the regenerative medicine company L&C BIO, will become Cellumed's largest shareholder.
Earlier, on the 23rd, Cellumed disclosed that it had decided on a third-party allotment paid-in capital increase worth about 17 billion won. The funds raised are slated to be used for 3.7 billion won in operating funds and 13.3 billion won in debt repayment funds.
The third-party allottees are three entities: L&C ES, NOW IB Capital, and Global Medical Research Center. Once the paid-in capital increase is completed, the largest shareholders will change to L&C ES and two others.
Founded in 1997, Cellumed is a developer of bone graft materials based on human-derived biomaterials. In addition to demineralized bone matrix (DBM), knee cartilage (BMG), and allografts, it has business experience and production facilities spanning orthopedic medical devices, including total knee replacement (TKR).