Dx&Vx raises 17.8 billion investment..."Reinvestment in the future value"
Dx&Vx is accelerating the reform of its corporate structure before the renewal period ends.
On the 8th, Dx&Vx announced on the previous day that it had decided to issue the 5th non-guaranteed convertible bond worth 17.8 billion won. The coupon rate and maturity rate are 0%, and the maturity date of the bonds is on September 8, 2025.
Dx&Vx said, “Considering that it was invested in convertible bonds, we could get a sense of market’s positive outlook for the company’s future vision. […] Despites the stock trading suspension and market headwinds, we have managed to attract external investment. The reason seems to be that institutional investors positively evaluated the growth value of Dx&Vx, which is being reborn through the improvement of management structure and commitment to responsible management by Lim Chong Yoon, the biggest shareholder of the company and the President of Hanmi Pharmaceutical.”
Dx&Vx is a genome diagnosis company that provides prenatal and postpartum tests and other healthcare services. The company was listed on KOSDAQ as MG Med back in 2015 but it was threatened with KOSDAQ delisting, due to continuous operating losses. However, since Lim Chong-yoon became the largest shareholder last October, the company has been achieving earnings improvement. In the first half of this year, Dx&Vx recorded 13 billion won in sales and 1.09 billion won in operating profit.
A Dx&Vx official said, "The investment fund will be used to secure tangible and intangible assets to secure future growth engines of Dx&Vx. […] We plan to reinvest to secure future growth engines through collaboration with leading research institutions and companies with top-level technologies”.
He added, “In particular, we will build pipelines encompassing preclinical and clinical trials in cooperation with European research institutes and large hospitals.”
Meanwhile, the corporate renewal period is about to end on November 22.
Source: Financial News