Genexine raises W80M

Genexine Inc. (KOSDAQ:095700) said it raised W80 million ($72 million) in equity and debt. The company raised W60 billion ($54 million) through the sale of convertible preferred stock to domestic investors including InterVest, Shinhan Capital, Kiwoom Securities, Meritz Securities and Lime Asset Management. It also issued W20 billion ($18 million) in convertible bonds to foreign investors, including Tasly Pharmaceutical Co. Ltd. (Shanghai:600535).

Genexine said it would use the funds for Phase II and III trials of HPV vaccine GX-188E. Last month, the company said the plasmid DNA therapeutic vaccine produced a therapeutic effect in 61% of patients with cervical intraepithelial neoplasia (CIN) after 20 weeks in a Phase II study (see BioCentury Extra, June 21). ...