Panagene Inc. announced that it has received KRW 14 million in funding.
March 24, 2014 at 04:00 am
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Panagene Inc. (KOSDAQ:A046210) announced a private placement of bonds for gross proceeds of KRW 14,000,000,000 on March 17, 2014. The company will issued third unregistered/unsecured convertible bonds for KRW 8,000,000,000 and fourth unregistered/unsecured private convertible bonds for KRW 6,000,000,000. The third unregistered bonds will have yield to maturity of 4% and interest rate of 0% and will mature on March 19, 2017. The third unregistered bonds will be convertible into shares at a conversion price of KRW 3,605 per share from March 19, 2015 to March 18, 2017. The fourth unregistered bonds will have yield to maturity of 4% and interest rate of 0% and will mature on March 24, 2017. The fourth unregistered bonds will be convertible into shares at a conversion price of KRW 3,605 per share from March 24, 2015 to March 23, 2017.
On March 19, 2014, the company received KRW 8,000,000,000 from issuance of third unregistered bonds in its first tranche.
On March 24, 2014, Panagene Inc. closed the transaction. The company received KRW 6,000,000,000 from issuance of fourth unregistered bonds in its second tranche.
HLB PanaGene Co Ltd, formerly Panagene Inc, is a Korea-based company mainly engaged in the development of genetic diagnostic products. The Company operates its business through three segments. The Diagnostics Business segment mainly involves in manufacturing and sales of molecular diagnostic reagents, analysis services, and consumables. The Materials Business segment mainly engages in the manufacturing and sales of custom pentose nucleic acid (PNA) oligomers. The Nucleic Acid Extraction segment mainly engages in the manufacturing and sales of nucleic acid extraction equipment and extraction reagents.