OliX Pharmaceuticals, Inc announced a private placement of 2,210,527 registered convertible preferred shares of par value KRW 500 per share, at an issue price of KRW 19,000 per share for gross proceeds of 42,000,013,000 on May 23, 2022. The transaction will include participation from new investors Fine-KB Corporate Financial Stability PEF I, a fund managed by Fine Asset Management Corporation, Investment Arm for 526,316 shares, Solidus Smart Bio Fund, a fund managed by Solidus Investment Co., Ltd. for 526,316 shares, Company K New Deal Fund, a fund managed by Company K Partners Limited for 315,789 shares, and other investors. The preferred shares carry cumulative, participating dividend at a fixed rate of 1% per annum, and are fully convertible into 2,210,527 registered common shares of the company at a conversion price of KRW 19,000 per share from May 31, 2023 to May 30, 2027.

The company will issue securities through third party allocation increase method. All securities to be issued in the transaction will be subject to transfer restrictions for a period of one year. The transaction has been approved by the board of directors of the company, and is expected to close on May 31, 2022.