HLB Innovation (024850.KS) is moving preemptively to secure funding to accelerate clinical trials of next-generation chimeric antigen receptor T-cell (CAR-T) therapies developed by its subsidiary Verismo Therapeutics. The structure involves channeling capital raised through the listed company into its drug development subsidiary.
HLB Innovation said Monday that its board had approved the issuance of a 40.5 billion won ($29 million) convertible bond (CB). The CB carries a 0.0% coupon rate and a 2.0% yield to maturity, with a maturity date of May 15, 2029. The conversion price is set at 25,885 won, and the payment date is scheduled for May 15, 2026.
Notably, HLB Innovation designed the issuance to include call options secured from all investors. The company said the structure allows it to raise needed funds in a timely manner while minimizing the risk of equity dilution from future stock conversions.
"Our core semiconductor business is posting stable profits and has secured sufficient cash liquidity, so there is no difficulty in running short-term clinical trials," an HLB Innovation official said. "However, since financial capacity serves as a critical variable in global business development negotiations, we decided on this fundraising to preemptively respond to an uncertain market environment and to stably support Verismo's next-phase clinical trials."
Meanwhile, interim Phase 1 data for Verismo's core pipeline, "SynKIR-110," was recently selected for the Plenary session, the top-tier presentation category at the American Association for Cancer Research (AACR) meeting. "The therapy has demonstrated meaningful anti-tumor responses and manageable safety levels, backed by differentiated technology in the solid tumor CAR-T therapy field," the HLB Innovation official said.
