CURACLE, a corporation developing new treatments for intractable vascular diseases, announced on the 8th that the subscription schedule for its capital increase of 21.9 billion won has been completed.
This capital increase was conducted by preferentially allocating new shares to existing shareholders and then covering the unallocated shares through a public offering. Hanyang Securities acted as the lead underwriter, with Samsung Securities participating as the underwriter. The subscription rate for existing shareholders among the planned 7 million shares was recorded at 91.61%.
In the public subscription for the unallocated shares that closed on the 5th, a total of 164,482,360 shares were sought, showing a competition rate of 280 to 1.
The company explained that this reflects investors' interest in the research and development and commercialization achievements of its pipeline, including the candidate substance for treating diabetic macular edema, 'Rivastat' (CU06).
During the capital increase process, the representative of the related company Daesung Pharmtech, a raw material pharmaceutical (API) specialist with which CURACLE is pursuing a merger, purchased a block deal of shares sold by the largest shareholder, thus increasing friendly equity. This is expected to further strengthen strategic collaboration in the API business area and enhance business synergy upon the completion of the merger, the company noted.
CURACLE stated that it plans to concentrate the funds secured from this capital increase on accelerating research and development of its main pipeline. Notable projects include the U.S. clinical trial Phase 2b of Rivastat for diabetic macular edema and Phase 1 of CU71 for Alzheimer's disease.
A company official said, 'I deeply appreciate the participants in the investment,' and added, 'We will quickly translate our ongoing research and development results into commercialization and enhance shareholder value.'