Korea's AmorePacific leads pharma firm's Series B round

Also participating in this round is existing investor Palisade Capital Management.

The proceeds will be used to support the development of novel compounds in Brickell's pipeline. Under terms of the agreement, AmorePacific will also obtain an option to first negotiate an exclusive license to market two of Brickell's novel compounds in South Korea.

"We share Brickell's view that there is a significant need for new therapeutics in the field of dermatology," said Paul Kang, managing director of AmorePacific, in a statement.

"AmorePacific's investment in Brickell is a validation of our efficient drug development model," added Reginald Hardy, president of Brickell. "We look forward to working with AmorePacific and our other investors and partners as we move forward with the development of these novel, first-in-class dermatology compounds, which hold great promise for the marketplace."

AmorePacific was set up in 2011 and focuses on early and later stage opportunities in the aesthetics and dermatology area. Last December it took part in $20.6 million round of funding for California biomedical firm Lithera last December.

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