Summary by Moomoo AI
RONG CHANG BIO ANNOUNCED PLANS TO ISSUE A SHARE RAISING FUNDS NOT EXCEEDING RMB 255 TO SPECIFIC TARGETS FOR NEW DRUG R&D PROJECTS. The fundraising initiative aims to strengthen the company's combined competitiveness and advance the development process of innovative drugs. After raising funds are deducted from the release fee, it will be invested in clinical studies of products including RC18, RC48, RC28, RC88, RC148 and RC198. The company said this would help Feng-Rich's pharmaceutical product pipeline to speed up the product listing process and enhance the company's core competitiveness. RONG CHANG BIO'S NEW DRUG R&D PROJECTS ARE IN LINE WITH THE NATIONAL INDUSTRIAL POLICY AND THE COMPANY, WITH ITS PROVEN R&D SYSTEM AND TECHNOLOGICAL ADVANTAGES, IS EXPECTED TO REMAIN AT THE FOREFRONT IN THE FIELD OF BIOPHARMACEUTICAL INNOVATION. This acquisition is expected to enhance the company's capital strength, optimize its asset structure, increase risk resilience and promote long-term sustainability of the company. The Board of Directors approved this fund raising plan on March 29, 2024.