OliX Announces Completion of USD 45 Million Capital Raise for R&D and Financial Structure Improvement
26 May 2022
FinancingFinancial StatementsiRNA
SUWON, South Korea--(BUSINESS WIRE)-- OliX Pharmaceuticals, Inc. (KOSDAQ: 226950), a leading developer of RNAi therapeutics, announced that the Company has successfully completed a capital raise to support the Company’s R&D activities and improve its financial structure.
The paid-in capital increase totaled KRW 57 billion (approximately USD 45 million) with about 3 million convertible preferred stocks. Eight local institutional investors, including KB Investment, IMM Investment Corp., Company K Partners, SSolidus Investment Co., Ltd Susung Asset Management Co., Ltd., Welcome Asset Management, Focus Asset Management, and SShinhan Capitalparticipated in this third-party capital increase.
The capital will be mainly used to finance the Company’s R&D activities. OOliXplans to complete patient administration for its clinical phase 2 hhypertrophic scarprogram (OOLX101A in the US and announce the interim results within this year. The Company’s ddry and wet AMD(OOLX301A and aandrogenic alopecia(OLX104C) programs are also planned to be entered into clinical trials this year, followed by HBV (OLX703A) and nnonalcoholic steatohepatitis(OOLX702A in 2023.
“This fundraising is meaningful in that the biotechnology sector is currently going through a challenging time attracting investment. Institutional investors who have participated in this round have shown a great commitment to our company’s technology and growth potential,” said Dong Ki Lee, Ph.D., Founder and Chief Executive Officer. “With the raised fund, we will accelerate our efforts to bring our programs to the clinic in a timely manner.”
About OOliX Pharmaceuticals
OOliX Pharmaceuticalsis a clinical-stage pharmaceutical company developing therapeutics against a variety of disorders by down-regulating the expression of disease-causing genes based on its own proprietary RNAi technology. The Company’s core RNAi platform, asymmetric siRNA (asiRNA), is a unique gene silencing technology based on RNA interference (RNAi), which is considered the most efficient gene silencing technology. Utilizing this proprietary asiRNA technology, OOliXhas developed cell penetrating asiRNA (cp-asiRNA), a therapeutic RNAi platform to effectively target diseases locally, such as hhypertrophic scarring ddry and wet age-related macular degeneration (AMD) subretinal fibrosis, and nneuropathic pain OOliXhas also developed another therapeutic RNAi platform, GalNAc-asiRNA, to target a variety of lliver diseases<br>
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