Shares of 3Billion (394800.KQ), an artificial intelligence-based rare disease diagnostics company, rose sharply in early trading. The gains came after the company announced its first major fundraising since its stock market debut, drawing heavy buying interest.
According to the Korea Exchange, 3Billion was trading at 13,770 won as of 10 a.m., up 10.07% from the previous session.
3Billion said Tuesday it has secured 30 billion won ($22 million) in investment to expand into global markets and secure future growth drivers. The funding consists of 17.5 billion won in convertible preferred shares (CPS) and 12.5 billion won in convertible bonds (CB), with major domestic institutions specializing in the bio and healthcare sectors participating, including Kiwoom Private Equity, Kiwoom Securities, GVA Asset Management, IBK Industrial Bank of Korea, and Meritz Securities.
Notably, the convertible bonds were priced with both a coupon rate and yield-to-maturity of 0%, which is viewed as reflecting the capital market's confidence in the company's technology and future growth potential.
3Billion plans to concentrate the newly secured funds on three growth pillars: building business infrastructure and expanding sales and marketing in the U.S. market, expanding its genetic diagnostics business for non-patients, and accelerating preclinical validation of its AI-based drug pipeline.
"This investment will serve as a foundation for 3Billion to demonstrate its technological edge in the global genetic diagnostics market and accelerate growth," 3Billion CEO Keum Chang-won said. "We will enhance shareholder value this year through generating new revenue in the U.S. insurance market and expanding into the non-patient testing segment."
