바이오스펙테이터

by Jongwon Jang

Decided to issue Convertible Bond including Kiwoom…”Phase 3 clinical trial of Pexa Vec will smoothly proceed”

Sillajen will raise a large amount of funds amounting to 110 billion won. Sillajen plans to invest aggressively in expanding the indications for Pexa Vec, an anticancer drug, and in developing new anti-cancer virus.

On the 19th, the board of Sillajen announced that they decided to issue 110 billion won worth of non-guaranteed convertible bonds.

The issuers are Kiwoom Securities (KRW 100 billion), Kiwoom ION Kosdaq Scale-up Venture Special PEF (KRW 5 billion), Kiwoom Investment Asset Management (KRW 2 billion), Soosung Kosdaq Venture Multi Asset Aggressive Investment Special Investment Type Trust (KRW 2 billion), and Soosung Multi-Mezzanine P4 Special Investment-type Private Investment Trust (KRW 1 billion). The surface interest rate is 1% and the maturity interest rate is 3%. The application date and payment date will be this 21st.

Sillajen also announced that they will expand the indication for Pexa Vec and their pipeline through combination treatment, develop next generation anti-cancer virus, and establish a new R&D center from this CB.

Firstly, Sillajen will study the combination treatment of Pexa Vec and immune checkpoint inhibitors for hepatocellular carcinoma, breast cancer, head and neck cancer, and neuroendocrine tumors.

In connection with the development of next generation anticancer virus, they are planning to conduct combo clinical trials of ‘JX-970’ and immune checkpoint inhibitor to whom with metastatic tumors that are resistant to immune checkpoint inhibitors. In addition, the researchers are also studying the insertion of the immune checkpoint inhibiting genes directly into the anti-cancer virus to make this combo therapy as a single virus to solve.

Sillajen will also review the construction of a new R&D center. An official of Sillajen said, “We will review and prepare the whole project, employing additional research specialists and establishing the animal experiment center in order to improve the efficiency of work and promote joint researches with universities, research institutes and hospitals all over the metropolitan area including Seoul”.

On the other hand, Sillajen explained that the company’s existing cash assets (about \113 billion as of end of December last year) are enough to conduct phase 3 clinical trials of Pexa Vec, a core pipeline, and clinical costs regarding combination treatment trial with Regeneron and regarding kidney cancer.

Sillajen emphasized and said, “We secured liquidity and laid a foundation for sustainable growth. We will respond you with objective data that can increase corporate value by actively pursuing R&D".