Korea's Biorchestra gets $45m Series C
Biorchestra, a Korea-based drug developer specialising in RNA therapeutics for neurodegenerative diseases, has closed a Series C funding round of KRW 54bn (USD 45m).
Participants included Daily Partners, IMM Investment, SBI Investment, LSK Investment, E&Venture Partners, Smilegate Investment, Quantum Ventures Korea, STIC Investment, Widwin investment, and NH Securities. GS holdings, Chong Kun Dang Holdings, and Chong Kun Dang Pharmaceutical also came in as strategic investors.
Biorchestra’s Series A and B rounds closed in 2018 and 2019 on KRW 3.3bn and KRW 20bn, respectively. Many of the Series C investors took part in the two previous rounds as well.
The company’s lead clinical program is BMD-001, a treatment for Alzheimer’s. RNA therapeutics suppress or enhance gene expression to combat disease. BMD controls microRNAs that regulate messenger RNAs (mRNAs), which serve as intermediaries between DNA and relevant proteins to take actions that trigger immune responses.
Branden Ryu, Biorchestra’s founder and CEO, said in a statement that the company will develop the world’s first RNA-based treatment for neurodegenerative diseases such as Alzheimer's and amyotrophic lateral sclerosis (ALS).
The Series C proceeds will support preparation work for an investigational new drug (IND) application for BMD-001. They will also finance expansion of R&D activities and product pipeline and the completion of a manufacturing facility. Biorchestra also plans to rework its financial reporting and auditing systems with a view to going public. It did not specify a target date.
The company was established in 2016 and employs 72 people – of whom 26 hold doctorates – in Korea and the US.
“Biorchestra has developed a novel, breakthrough technology to deliver targeted therapies through the blood-brain barrier to address the unmet needs of patients with progressive, fatal, neurodegenerative diseases,” said Louis O’Dea, the company’s chief medical officer and US president.
“The growing interest of established pharma and biotech companies and the confidence of our investors validate the scientific platforms and progress of Biorchestra.”
More on North Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.