Bridge Biotherapeutics CI.

The stock price of the new drug development biotechnology company Bridge Biotherapeutics soared to the upper limit in early trading.

According to the Korea Exchange and others on the 23rd, Bridge Biotherapeutics' stock price rose to the price limit of 29.90% compared to the previous trading day right after opening, recording 1,225 won per share at 9:39 a.m.

The influx of buying pressure is interpreted to be due to the news that the U.S. cryptocurrency investment firm Paratech Holdings is acquiring the management rights of Bridge Biotherapeutics.

Bridge Biotherapeutics announced that it signed a contract to change its management rights to Paratech Holdings through a paid-in capital increase and convertible bond issuance after the market closed on the 20th.

Earlier, Bridge Biotherapeutics was designated as a management item in March due to failing to meet certain criteria, and has been striving to sell management rights to escape this designation.

Paratech is known to be a subsidiary of Paratech Capital Management's hedge fund for digital assets in the U.S. The use of the investment funds has been classified as part of operational funds and other funds.

Meanwhile, Bridge Biotherapeutics recorded daily trading limits for several days after failing phase 2 clinical trials for the candidate treatment for idiopathic pulmonary fibrosis, "BBT-877," in April.