Innovative Pharmaceutical Biotech Limited announced that it has entered into a private placement purchase agreement of convertible bonds for the gross proceeds of HKD 55,500,000 on July 27, 2023. The bonds have a zero coupon rate and are convertible into a maximum number of 263,033,175 common shares at a conversion price of HKD 0.211 per share.

On November 30, 2023, the company announced that it has entered into a further extension letter with the New CB Subscriber to extend the New CB Long Stop Date to January 31, 2024 or such other date as the Company and the New CB Subscriber may agree.