On October 5, 2022 Aptamer Science reported on the 5th that it decided to issue convertible bonds (CB) worth 16.5 billion won to secure clinical costs for developing innovative new drugs (Press release, Aptamer Sciences, OCT 5, 2022, View Source;idx=229 [SID1234641612]).

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The day before, Aptamer Science decided to issue the first bearer-type unsecured private convertible bond with interest. Both the coupon interest rate and the maturity interest rate are 0.0%, and the refixing (conversion price adjustment) condition is not included.

The company commented, "Despite the continuation of the high interest rate era, including the recent increase in the base interest rate, the market’s evaluation of the growth strategy appears to be positive, considering the fact that the interest rate is 0% and there is no refixing clause."

The company said, "Generally, in the case of convertible bonds (CB) issued in the KOSDAQ market, conditions for adjusting the conversion price according to the decline in the stock price are included," adding, "The exclusion of the refixing condition means that

"It can be interpreted that the possibility of stock conversion gains due to the rise in stock prices was highly evaluated," he emphasized.

Aptamer Science plans to use the funds raised this time to develop innovative new drugs, such as clinical trials for an anticancer drug (AST-201) for solid tumors and a follow-up pipeline immunotherapy drug (CD-25).

With the existing public offering funds, we plan to conduct large-scale prospective confirmatory clinical trials of a lung cancer early diagnosis kit based on blood protein biomarkers and target Asian markets such as Singapore through LDT (Laboratory Developed Test).

An Aptamer Science official explained, "Regarding the development of an innovative new drug, the anticancer drug (AST-201) was significantly delayed from the originally planned schedule due to problems such as securing raw materials due to the spread of COVID-19."

He continued, "Currently, a CDMO company is producing clinical samples, and as we aim to apply for an clinical trial (IND) in the second quarter of 2023, we plan to secure funds preemptively to accelerate the process."

Go to article: Aptamer Science attracts investment of 16.5 billion won… "We will speed up the development of new drugs"