TOT BIOPHARM International Company Limited announced a private placement of shares for not more than HKD 110 million on May 31, 2022. The transaction will include participation from returning investor Center Laboratories, Inc and Vivo Suzhou Fund.

On June 22, 2022, the company announced that it will set out a circular containing, details of the subscriptions and the allotment and issue of the shares, a letter of opinion from the independent board committee, a letter of advice from the independent financial adviser, and the notice of the Extraordinary General Meeting, was expected to be dispatched to the shareholders on or before 22 June 2022, which is now expected to dispatch on or before June 30, 2022.