South Korean bio startup MitoImmune Therapeutics announced on April 22 that it has closed its series A round after raising 12 billion won ($10.5 million).
Four investors -- the state-run Korea Development Bank, KB Investment, BNH Investment and SL Investment -- participated in the investment round.
MitoImmune Therapeutics was established in August last year by founder and CEO Kim Soon-ha, who worked in the bio sector in South Korea’s top chemical firm LG Chem.
According to sources, investors saw potential in the startup after MitoImmune Therapeutics signed a deal with LG Chem in February to license-in the conglomerate’s 10 technologies. These technologies include drug candidate MIT-001, which MitoImmune Therapeutics CEO Kim was in charge of developing for the last 10 years when he was working in LG Chem.
With licensed-in technologies, MitoImmune Therapeutics has been focusing on developing drugs for treating inflammatory diseases and cancers through targeting mitochondrial. Currently, it is also aiming to hand in an investigational new drug application to the US Food and Drug Administration next year with its idiopathic pulmonary fibrosis treatment.
The Korean bio company also laid out its plan to focus on further developing new pipelines, especially for treating diseases including idiopathic pulmonary fibrosis and asthma, with its new funding.
If its development process goes as planned, the company hopes to receive additional funds before the end of 2020.
By Song Seung-hyun (email@example.com)