The Board of Directors of Artgen Biotech (ex. HSCI, MOEX: ABIO) decided to increase the authorized capital of the company by placing additional shares in 2024 by public subscription in the amount of 17,354,549 shares.
Artgen Biotech plans to develop and expand its development portfolio in the 2024-2026 period. The capital increase was approved by the company's board of directors for potential raising of investments to develop the production base of the Artgen Biotech ecosystem for the production of biomedical drugs and to conduct the development of first-in-class drugs.
The right of the Board of Directors to decide on an additional issue in an amount of no more than 25% of outstanding shares is provided for by the Artgen Biotech Charter.
The Board of Directors also canceled the previously adopted decision to convene an extraordinary general meeting of shareholders (EGMS), which was to be held on December 7, 2023.
Artgen Biotech is a biotechnology company with a portfolio of innovative platform developments to implement in healthcare. The Artgen Biotech group includes companies at different stages of development - from the seed stage to the stage of early growth and maturity, as well as companies that form an ecosystem for accelerating biotech developments in the group.