SEOUL– Cellivery Therapeutics Inc.on Thursday announced that it will sell stocks to raise 19.5 billion won(US$16.5 million). The proceeds from the stock sale will be used mainly to finance its operations.

According to a regulatory filing, the company will issue 387,668 preferred shares at a price of 50,300 won per share. The stocks will be sold to the investors that the firm designated.

Source: Yonhap News Agency