S.Korea's Medicox boosts unit for oral insulin, medical cannabis

South Korea's Medicox Co. on Wednesday said it will raise 40 billion won ($32 million) to boost its unit for oral insulin and cannabidiol (CBD).

The company will issue convertible bonds worth 40 billion won through Meritz Securities, Now Investment and L-Bio Production Activation Equity No. 1.

The funds will pay for Oramed Pharmaceuticals of Israel to conduct clinical trials for oral insulin and get licensing in Korea. To expand its bio operations, Medicox said it will set up a think tank as an affiliate and actively develop and invest in new state-of-the-art drugs related to CBD.

Write to Jeong Min Nam, at peux@hankyung.com