Pharma Research Products Co., Ltd (KOSDAQ:A214450) announced a private placement of 452,000 redeemable convertible preferred stock at an issue price of KRW 53,046 per share for gross proceeds of KRW 23,976,792,000 on March 12, 2018. The transaction will involve participation from Nau Growth Capital PEF, a fund managed by Nau IB Capital, Investment Arm, Dongyu Investment Co., Ltd, and Ace Susung New Technology Fund 3 for 339,000 shares, 68,000 shares, and 45,000 shares each respectively. The shares will be issued at a premium. The shares will be redeemable from March 21, 2023 to March 21, 2028 and will be convertible into 452,000 shares of the company from March 21, 2019 to March 20, 2028. The securities issued in the transaction are subject to a lockup period of one year. The transaction is expected to close on March 21, 2018. The transaction was approved by the board of directors of the company.