HK Stock Market Move | BOAN BIOTECH (06955) is currently down more than 4%. The company plans to issue discounted rights shares to raise net proceeds of HK$780 million for product research and development as well as commercialization.
Boan Biological (06955) is currently down more than 4%, as of the time of writing, it has fallen by 4.17% to HK$17.25 with a trading volume of HK$71.30 million.
BOAN BIOTECH (06955) is currently down more than 4%, dropping by 4.17% to HK$17.25 as of the time of writing, with a turnover of HK$71.3016 million.
On the news front, BOAN BIOTECH announced a plan to issue a total of 48 million shares, representing approximately 8.36% of the total number of shares issued as of the announcement date, at a price of HK$16.42 per share, a discount of approximately 8.78% from the previous day's closing price. The issuance is expected to raise a net amount of approximately HK$780 million, with 50% intended for research and development, clinical trials, and product manufacturing; 20% for product commercialization; and 30% for supplementary operational funds and general corporate purposes. It is worth noting that BOAN BIOTECH announced a plan to issue 38.4 million shares in early June, raising approximately HK$396 million.
It is worth noting that BA1302, an innovative antibody-drug conjugate (ADC) targeting CD228 developed by BOAN BIOTECH, received approval from the U.S. Food and Drug Administration (FDA) in June this year to conduct clinical trials. BA1302 is intended for the treatment of various solid tumors and has previously been granted orphan drug designation for squamous non-small cell lung cancer and pancreatic cancer by the FDA. It is currently undergoing phase 1 clinical trials in China. The company will accelerate the global development of BA1302 and explore its clinical application value in more indications.
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