PharmAbcine, a specialized biotech company focused on the development of fully-human monoclonal antibodies for the treatment of cancer and inflammatory diseases, received US $6m in a Series A financing.
The round was co-led by OrbiMed’s Caduceus Asia Partners and Novartis Korea Venture Fund, with additional participation from an international syndicate including Green Cross, Tong Yang and Saehan Venture Fund.
The funds will be used to continue developing a pipeline of fully human therapeutic antibodies in the area of cancer and inflammation.
Commenting the financing, Dr. Jin-San Yoo, CEO and founder of the Daejeon-based company, said: “This $6 million financing, with such a high-quality group of international investors, is a major achievement for PharmAbcine.
“We believe this investment speaks to the potential of our technology and will continue to lead the way, seeking to build a top quality biotech company in Korea”.