Organoid Science (CEO Jong-man Yoo), an innovative company that develops new drug development platforms and regenerative treatments using organ analogs (organoids), announced that it has completed the first of three rounds of Series B investment worth KRW 18 billion.
Organoid Science, which attracted 8 billion won in Series A investment last year, attracted 18 billion won through the first round of Series B, and is also planning to attract additional 2nd and 3rd rounds from existing and new investors, so the total cumulative investment size is It is expected to increase to approximately 48 billion won.
In this investment, rather than existing investment companies, Korea Development Bank, Asan Social Welfare Foundation, Dongwha Pharmaceutical, Wonik Investment Partners, and Timefolio Asset Management were the first to knock on the door as new investors. Of these, the Korea Development Bank’s Scale-Up Finance Department, which invested 10 billion won, led this round and completed it smoothly, allowing it to immediately begin attracting additional rounds for the second and third rounds.
Organoid Science has not focused on expanding its business or increasing its size, but has worked harder with the goal of global pioneering and leading since its founding in 2018. As a result, it is currently leading the market as a pioneer in the organoid field. Accordingly, it is expected that the industry will establish itself as a global biotech specializing in organoids with superior technology and commercialization capabilities compared to the world’s leading groups.
In addition, we held a live webinar on the organoid-based new drug evaluation platform last October and successfully introduced the excellence of our platform to many domestic and foreign officials using content specialized for online platforms, giving us a glimpse of rapid growth through innovation. Jongman Yoo, CEO of Organoid Science, said, “With this investment, we will be able to accelerate the entry into clinical trials of intestinal organoid-based regenerative therapy and the expansion of commercialization of the cancer immunotherapy platform. Please continue to look forward to the results that only Organoid Science can show.” “He said.
Organoid Science CTO Kyung-jin Lee, who is in charge of technology development, also said, “Major milestones are progressing without a hitch with the goal of an IPO in 2023. In addition, we are preparing for collaboration with global pharmaceutical companies and technology commercialization to take a leap forward as a global innovative company.” “We will not neglect it,” he said.
Source: Pangyo Techno Valley Official Newsroom
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