Full Repayment of 17.8 billion KRW of Debt to Improve Financial Structure and Fund Use
On 30th, Hanall Bio Pharma (CEO Park Seung-guk and CEO Yun Jae-chun) has announced that the company has repaid the full debt of 17.8 billion KRW.
Hanall Bio Pharma has increased the capital of 56.6 billion KRW by issuing new stocks to the largest shareholder, Daewoong Pharmaceutical, in the end of July, and out of 56.6 billion KRW from the paid-in capital increase, the company has decided to use 17.8 billion KRW to repay debts for improvement of financial structure and efficient fund use.
Moreover, Hanall Bio Pharma will invest in plants and R&D of new medicines.
One of the staffs of Hanall Bio Pharma has explained, “The sales of the cephalosporin antibiotics Tomiporan under licensing as a new medicine in China will be greater than expected, and with cross selling with Daewoong Pharmaceutical, the sales from fluid will expand as well. Therefore, we are planning to invest in specialized plants for fluid and injections.”
Furthermore, he has mentioned, “In R&D investment, the fund from paid-in capital increase will be used for global licensing out of new bio medicine projects and boosting of clinical trial of composites, and the joint project between Hanall and Daewoong is being planned as well.”
With this repayment of debt, the annual interest of 800 million KRW will be saved, and the financial stability of Hanall will improve greatly.