Biopharma venture raises $7.3m from Korean investors
Korean healthcare-focused VC firm InterVest and tech-focused E&Investment have together invested $7.28 million in G-treeBNT, a Seoul-based diversified bio pharmaceutical business.
Set up in 2000 as a venture developing software products for the bio pharmaceutical industry, G-treeBNT has since expanded into high-tech electronic components and pharmaceutical research.
According to a release, the company will use the new capital to expand the development of GBT-201, also referred to as RGN-259, a preservative-free topical eye drop for the treatment of dry-eye syndrome.
The product - G-treeBNT's first drug candidate for dry eye syndrome - is being developed in 28 Asian countries in partnership with US-based RegeneRx Biopharmaceuticals via a newly formed venture - ReGenTree.
InterVest will contribute $5.92 million to the round. It will make its investment on behalf of the Global Pharmaceutical Industry Development Fund, a vehicle created by the Korean Ministry of Health and Welfare - and managed by InterVest - to support Korean bioventure firms developing new drugs for the global market.
E&Investment will contribute the remaining $1.36 million
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