Jiangsu-based Contract Development and Manufacturing Organization (CDMO) Sinopep-Allsino Biopharmaceutical Co., Ltd has revised its proposal for a convertible bond issuance, now expecting to raise RMB434 million, a decrease of RMB100 million compared to the initial target of RMB534 million set in November 2022.
Proceeds Allocation for Strategic Projects and Working Capital
The proceeds from the revised convertible bond issuance will be allocated to several key areas within the company. These include the oligonucleotide monomer industrialization production project, which is crucial for the company’s expansion in the pharmaceutical sector. Additionally, funds will be directed towards the manufacturing of active pharmaceutical ingredients (APIs) and the enhancement of green production processes, reflecting Sinopep-Allsino’s commitment to sustainable practices.
Investment in R&D and Operational Efficiency
Further investments will be made in the APIs research and development project, underlining the company’s focus on innovation and the pursuit of new pharmaceutical solutions. Finally, a portion of the proceeds will be used to supplement working capital, ensuring the company’s operational efficiency and financial stability.-Fineline Info & Tech
