Prestige Biologics Co., a South Korean biopharmaceutical contract development and manufacturing organization (CDMO) company, announced on Tuesday that it had raised 45.5 billion won ($59.4 million) in investment from Octava Fund Limited, a Singapore-based firm.
Octava Fund is the second-largest shareholder of Prestige Biopharma, the largest shareholder and an affiliate of Prestige Biologics. The investment was made through the issuing of convertible bonds.
Prestige Biologics stated that the latest investment will provide the company with cash flow and enhance its financial stability, allowing it to pursue CDMO orders more aggressively.
According to CEO Hyun Deok-hoon, the company aims to become a global CDMO by fully utilizing a 154,000-liter-capacity plant and securing orders from large clients, while also expanding funds to proactively respond to domestic and international economic challenges.