Seoul: GemVax and KAEL Co., a South Korean biopharmaceutical firm, announced plans to raise 17 billion won (US$11.7 million) through a stock sale. The primary purpose of this capital raise is to finance the company's ongoing operations.

According to Yonhap News Agency, a regulatory filing detailed that the company intends to issue 642,236 common shares, each priced at 26,470 won. The stock will be allocated to investors selected by the firm.