Gennbio Inc.on Wednesday announced that it will sell stock to raise 10 billion won (US$7.6 million). The proceeds from the stock sale will be used mainly to finance its operations.

According to a regulatory filing, the company will issue some 7.44 million common shares at a price of 1,343 won per share. The stock will be sold to the investors that the firm designated.

Source: Yonhap News Agency