Qurient, a company specializing in developing anticancer drugs, has become the first to receive investment from the government-led K-Bio and Vaccine Fund.

Qurient said the payment of 3.5 billion won ($2.7 million) in perpetual convertible bonds by the Premier IBK K-Bio Vaccine Investment Fund was completed on Wednesday. Large corporations with significant funding needs often choose perpetual convertible bonds based on their financial soundness.

This funding type is rare in the biotech industry. Still, Qurient has attracted investment as the company became more likely to win approval for its tuberculosis drug Telacebec and acquire a Priority Review Voucher (PRV) from the U.S. Food and Drug Administration.

The FDA awards PRV to drug sponsors that develop drugs for tropical diseases or rare pediatric diseases or to use as medical countermeasures.

Additionally, Qurient has completed a 2.5 billion won third-party paid-in capital increase. With the paid-in capital increase and convertible bonds, the company has raised 6 billion won. Added to the 25.2 billion won from last week's preferential rights offering to existing shareholders, the total funds secured amount to 31.2 billion won.

"This funding will allow us to continue clinical trials of two types of cancer drugs in the U.S. and Korea and ensure financial stability," a company official said. "Based on the excellent clinical results expected in 2024, we will generate significant revenues."