CANARIABIO Inc. announced a private placement 971,770 shares at price per share of KRW 20,581 per share for gross proceeds of KRW 19.99999837 billion with Sejong Medical Co., Ltd. on October 4, 2022. The security will be issued at premium. The transaction will take place through third party allotment.

The securities are subject to a hold period of 1 year. The transaction was approved by the board of directors of the company. The transaction is expected to close on January 3, 2023.