Kintor Pharmaceutical raises HK$49.78m in new share subscription

Kintor Pharmaceutical Limited has agreed to issue 30,487,500 new shares at HK$1.64 per share. This transaction, executed under a general mandate, is expected to raise approximately HK$49.78 million in net proceeds. The subscription price represents a discount of about 15.03% to the closing price on the last trading day.

The subscriber, wholly owned by China-Singapore Suzhou Industrial Park Ventures Co., Ltd., will, with existing shareholder Origin VC, hold 49,115,740 shares, representing 9.85% of the company's enlarged share capital. The subscription shares account for about 6.51% of the company’s issued share capital as of the announcement date.

Kintor Pharmaceutical plans to allocate 40% of the net proceeds towards the phase III clinical trial of KX-826 for androgenetic alopecia (AGA) and the remaining 60% for general working capital. The directors believe this capital infusion will support the group's long-term funding, enhance liquidity, and strengthen its sustainable development capabilities.