[Edaily Reporter KIM SAE-MI ] Vaccine developer Cellid Co., Ltd.(299660)will conduct a 10 billion won third-party private placement targeting Huniverse Global, a company specializing in Precision Medicine Hospital Information Systems (PHIS), and transfer management control to Huniverse Global. Following the capital increase, Huniverse Global will become the largest shareholder and secure the right to appoint the CEO as well as a majority on the board of directors. The two companies also plan to pursue additional investments in convertible bonds (CBs).
Cellid Co., Ltd. announced on the 22nd that it has signed an agreement to transfer management control by conducting a 10 billion won third-party private placement targeting Huniverse Global.
According to a disclosure made the previous day, Huniverse Global will invest 10 billion won in the third-party private placement conducted by Cellid Co., Ltd. to acquire 4,796,163 common shares. The issue price for the new shares is 2,085 won per share, and the payment date for the capital increase is November 9. All new shares are scheduled to be held in escrow at the Korea Securities Depository for one year.
Once the capital increase payment is completed, Huniverse Global will become the largest shareholder of Cellid Co., Ltd. Kang Chang-yul, Cellid Co., Ltd.’s CEO and the current largest shareholder, will become the second-largest shareholder.
Management control will also transfer to Hunevers Global. According to the agreement signed by both parties, provided that Hunevers Global pays for the new shares and secures investment in the new convertible bonds, CEO Kang has agreed to cooperate to ensure that four directors and one auditor designated by Hunevers Global are appointed.
The new board of directors will consist of a total of six members: four directors designated by Huniverse Global and two directors designated by CEO Kang. It was also agreed that the CEO would be appointed from among individuals designated by Huniverse Global. However, if the capital increase subscription and the new convertible bond investment are not finalized, all directors and auditors designated by Huniverse Global will resign.
Follow-up fundraising is also planned. Cellid Co., Ltd. has agreed with Huniverse Global to secure additional funds necessary for advancing existing and new business initiatives. The scale and terms of the new convertible bond investment will be disclosed once they are finalized following a future board resolution.
Cellid Co., Ltd. plans to allocate the funds secured through this rights offering to existing research and development (R&D), clinical trials, and the establishment of a joint platform for strategic business cooperation between the two companies.
Huniverse Global, a medical information technology company established in 2019, focuses primarily on software development and supply, as well as the exchange and management of medical data. Its largest shareholder is Korea University Medical Technology Holdings, which holds a 37% stake, and CEO Lee Sang-heon leads the company.
Last year, Huniverse Global reported revenue of 3.4 billion won and a net loss of 3.0 billion won. As of the end of last year, total assets stood at 8.9 billion won, total liabilities at 8.1 billion won, and total equity at 800 million won.
The two companies plan to explore ways to integrate Huniverse Global’s precision medicine hospital information system and medical data infrastructure with Cellid Co., Ltd.’s “BVAC” pipeline of anti-cancer immunotherapy vaccines. In particular, they envision expanding their collaboration in the development of personalized anti-cancer vaccines using medical data.
CEO Kang stated, “This strategic investment and collaboration with Huniverse Global will serve as a major turning point in enhancing the competitiveness of the BVAC pipeline,” adding, “We will push forward with the development of personalized anti-cancer vaccines by leveraging medical big data.”
Meanwhile, even after the change in the largest shareholder, CEO Kang will remain the second-largest shareholder and plans to continue driving the development and commercialization of the currently ongoing anti-cancer treatment vaccines and COVID-19 preventive vaccines, as well as engage in new business collaborations with Huniverse Global.
