Y-Biologics, a company specializing in antibody therapeutics, announced on the 7th that it has successfully raised a large amount of funding through the issuance of 35 billion won in private convertible bonds (CB).
The company noted, "This CB was completed after receiving oversubscriptions," and many participants included bio-focused venture capital firms AJU IB Investment, DSC Investment, and Partners Investment.
The company plans to utilize the funds secured through the CB issuance to accelerate research and development (R&D) of new drug candidates (pipeline) and enhance corporate value.
Specific funding usage plans include: ▲ essential research for non-clinical studies and clinical trial approvals for the multi-antibody and cytokine fusion AR170 (15 billion won) ▲ essential research for non-clinical studies and clinical trial approvals for AR166 targeting solid tumors (9.5 billion won) ▲ AR153 and other joint research projects (3.5 billion won).
Y-Biologics aims to accelerate the development of its next-generation immune anticancer drug pipeline based on multi-antibody and cytokine fusion through this funding acquisition.
The company was selected for a government support project totaling 11.95 billion won, which includes 6.15 billion won from the Ministry of Trade, Industry and Energy's international joint development project in biotechnology, along with 5.8 billion won in a specialized bio-industrial project.