Contera Pharma (“Contera”), subsidiary of Bukwang Pharmaceutical (“Bukwang”), announced 51 billion KRW Series B financing from Korean institutional investors. The size of the current round has increased more than 17-fold compared to series A financing in 2019.
Contera, a Danish bioventure, is focused on developing innovative drugs for the treatment of debilitating central nervous system (CNS) disorders. The company has several programs in its development pipelines, including the lead program, JM-010, which is currently under development for treating dyskinesia in Parkinson’s Disease.
Contera’s existing investor, Medici Investments (“Medici”), has valued the success potential of the company’s programs highly, and has decided to participate in the current series B round where Contera is expected to receive 51 billion KRW based on 200 billion KRW valuation. Out of total 51 billion KRW, 35.2 billion KRW paid-in-capital increase will be secured through 11,000 newly issued shares at 320,000 KRW per share and the remaining 15.8 billion KRW will be secured through transfer of existing shares.
Proceed from the financing will be used to accelerate the currently ongoing US and EU phase 2 clinical studies in Parkinson’s disease dyskinesia. In addition, it will also be used to accelerate the preparation for Contera listing in the KOSDAQ market.
Since last year series A financing, Denmark has been designated as a qualified country for listing and the listing requirements have now been established. In addition, Contera has also established a Korean Branch Office and core R&D personnels have also been recruited and strengthened to fastly progress the clinical development activities and to prepare the listing.
Bukwang’s representative said “Contera is a company with significant competitive and technological advantage. It is currently having ongoing phase 2 clinical study not only in the EU but also in the US. In addition, the preparation for the Contera listing has been very positive and on a right track so far. All of these factors play an important key role in the success of current financing.”