GemVax said on July 20 that it signed an investment contract worth USD 30 million with Susquehanna International Group(SIG) for the phase three clinical trial of lung cancer.

Convertible bonds will be issued as an investment. The final payment date is on the 27th of every month.

With its headquarter in Pennsylvania, SIG is a global investment group which operates about KRW 240 trillion investment fund.

A company official said that the company will conduct the phase three clinical trial of lung cancer in the US, Sweden, Norway, Korea and East Europe.

Source: Yonhap News (July 20, 2011)