ViroMed receives 980 million Korean Won in Equity Funding from JAIC
ViroMed Co., Ltd. today announced that it received 980 million Korean Won (about US $0.82 million) from the issuance of 28,000 shares of its common stock to JAIC at a price of 35,000 Korean Won (about US $29.17) per share. A series of additional fund raising is underway with the goal being US $3.2 million. The Company intends to use the net proceeds to move one of its products into clinical development for Coronary Artery Disease and also to further develop its immune cell therapy program.
ViroMed is a Korean biotech company founded by Dr. Sunyoung Kim of Seoul National University. ViroMed develops gene-based medicines for the treatment of major human diseases, such as cardiovascular disease, genetic disorders, immune diseases, and cancer. Since its incorporation in 1996, ViroMed has pursued gene therapy based on its proprietary vector technology and is working toward rapid market entry for gene-based products that address severe, life-threatening diseases for which alternative treatments are either unsatisfactory or non-existent. ViroMed is actively establishing and maintains collaborations with corporate and academic partners worldwide to effectively and economically leverage its resources to develop and market products. ViroMed initiated Korea’s first gene therapy clinical trial for its peripheral artery disease drug, VMDA3601. The trial carried out at Samsung Seoul Hospital shows promising results and is scheduled to enter into the second phase in the first quarter of 2004. Please visit the company web site at www.viromed.co.kr for further information.
Japan Asia Investment Co., Ltd. (JAIC) is an independent venture capital company and is now ranked as one of the largest VCs in Japan. JAIC helps unlisted venture companies with high growth potential to procure capital and contributes to their growth and improvement of corporate value by offering information and supporting IPOs and providing consultaton, along with M&A and MBO proposals.
JAIC is continuing to work toward its objective of becoming a distinctive financial group, with venture capital operations as its core business and aims for mutual prosperity among shareholders, fund investors and invested companies.