Femtobiomed Inc. announced a private placement of 362,625 Registered Redeemable Convertible Preferred Stock at a price of KRW 8,273 per share for the gross proceeds of KRW 2,999,996,625 on March 25, 2024. The preferred shares will be convertible at a price of KRW 8,273 per share. The shares will be issued through third party method of allotment.

The transaction has been approved by the shareholders of the company and is expected to close on April 9, 2024. The transaction will include participation from returning investor, Korea Investment Re-Up Fund II, a fund managed by, Korea Investment Partners Co. Ltd.