Korea anti-aging polymer maker gets $22m
Dexlevo, a Korean biotech company specializing in anti-aging dermal fillers, has raised KRW26 billion ($22 million) in pre-IPO funding led by local GPs Magna Investment and Smilegate Investment.
The round, which initially aimed to raise KRW20 billion, values the company at KRW250 billion, pre-money. This compares to a pre-money valuation of KRW40 billion at the time of a Series B round in 2018.
Magna and Smilegate each contributed KRW10 billion. They were joined by Hyundai Venture Investment and Shinhan Capital, which invested KRW4 billion and KRW2 billion, respectively. Magna is participating via the Hana-Magna Growth Booster Fund, which was jointly created with Hana Financial Investment.
Dexlevo, also known as Dex Levo, was founded in 2013 by Jaewon Yoo, previously of plastics maker Samyang Corporation and biopharmaceuticals company Celltrion. Its flagship product, Gouri, is touted as the first-ever fully liquid polycaprolactone injectable. Polymer fillers of this type are distinguished from botox in that they purportedly add fullness to aging skin rather than simply correct wrinkles by paralyzing muscles.
Gouri received EU certification in May and formally launched as a brand in September, using the industry’s largest tradeshow, the Aesthetic & Anti-aging Medicine World Congress, as a platform. This precipitated $30 million in supply contracts with overseas buyers, according to a statement.
The new funding will support the construction of a US Food & Drug Administration-standard factory in Korea and an aggressive marketing campaign. There are long-term plans to grow the company into a diversified aesthetics industry supplier. A KOSDAQ listing is expected around 2023.
Korean Exchange’s KOSDAQ board is recognized as a regional leader in life sciences, with biotech typically representing 30-40% of the companies listed. In recent months, numerous biotech players seeking to join the board have been rejected. This is attributed to both stricter listing rules and an increase in premature proposals prompted by recent successful IPOs.
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