AbClon Inc. (CEO Lee Jong-Seo), an antibody-based drug development company, announced today that the payment for the third-party allocated capital increase, in which Chong Kun Dang (CEO Kim Young-Joo) participated, has been completed. The total payment amounted to KRW 12.2 billion, through which Chong Kun Dang secured 1.4 million common shares of AbClon, becoming its second-largest single shareholder with a 7.34% stake.

This investment is part of the strategic equity investment, joint research and development partnership agreement signed on May 9th. Through this agreement, Chong Kun Dang has secured exclusive domestic sales priority for AbClon's CAR-T cell therapy, Nespe-cel (AT101). The two companies plan to expand their joint development scope to include bispecific antibodies and immuno-oncology drugs in the future, and they are currently forming a joint development council for this purpose.

AbClon plans to concentrate the newly secured funds on clinical trials and research and development (R&D) for its core pipelines, including Nespe-cel. With the completion of the payment, AbClon has secured both financial stability and R&D momentum.

"The strategic partnership with Chong Kun Dang is more than just an investment; it's a testament to AbClon's growth potential and technological prowess in the market," said an AbClon official. "We will use this as an opportunity to resolve the risk of being designated as an administrative issue by meeting the sales criteria within the year and improving our financial structure, ultimately taking a leap forward as a global biotech company."