SEOUL– Icure Pharmaceutical Incorp. on Monday announced that it will sell stock to raise 80 billion won(US$57.4 million). The proceeds from the stock sale will be used mainly to pay off its debts.

According to a regulatory filing, the company will issue some 12.32 million common shares at a price of 6,490 won per share. The stock will be sold to the firm’s shareholders.

Source: Yonhap News Agency