Korean biotech player gets $137m Series B
D&D Pharmatech, a South Korean biotechnology company, has raised a $137 million Series B round from a group of Korean and US investors.
US-based Octave Life Sciences co-led the funding round with Korea’s Smilegate Investment, while InterVest, Magna Investment, and LB Investment participated as well. All of the investors participated in D&D’s $16.6 million Series A round in 2018, along with Maryland Venture Fund, Geon Investment, and DongKoo Bio & Pharma.
D&D supports the development and commercialization of innovative medicines, operating through a number of subsidiaries worldwide. Three of these – US-based Neuraly, Precision Molecular, and Theraly Fibrosis – will use the new capital to advance their drug candidates to the next phase of testing.
Neuraly’s lead asset is an agent for neurodegenerative disorders such as Parkinson’s disease and Alzheimer’s disease. Phase II trials for these conditions are expected to begin in 2019 and 2020, respectively. Precision is developing a range of diagnostic imaging agents, while Theraly’s products target fibrosis, a condition that can lead to several diseases such as systemic sclerosis, pancreatitis, liver cirrhosis, and cancer.
“The Johns Hopkins-based scientific leadership across our family of companies has been instrumental in elucidating the underlying mechanisms at the core of neurodegenerative and fibrotic diseases,” said Sung Mook Lim, CEO of D&D, in a statement. “The combination of deep, disease-specific expertise, our world-class drug development capabilities and additional funding will enable ongoing advancement of our clinical and preclinical programs.”
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