SinoMab BioScience (HKG:3681) agreed to issue a total of 112,810,817 shares to 26 subscribers at HK$1.10 apiece to raise net proceeds of nearly HK$124 million, a Tuesday Hong Kong bourse filing said.

The shares represent around 9.37% of the biopharmaceutical company's enlarged issued share capital.

The firm will use proceeds from the issue for R&D, clinical programs, and potential global cooperations of SM17; diversification of the product portfolio by carrying out research, trials, production, and more for new drug candidates; and general working capital.