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Korea’s Posco, Green Cross lead round for US-based Juventas

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South Korea-based Posco Capital and biopharmaceutical player Green Cross have led a $7.5 million round for Juventas Therapeutics, a clinical-stage biotech development company based in the US.

The firm also secured $6 million in debt financing from Oxford Finance, with a chance to obtain an additional $9 million if specific targets are met.

Founded in 2007, Juventas develops therapies to treat cardiovascular diseases. Its lead product candidate, JVS-100, is undergoing evaluation in clinical studies. The new financing will be used to further these clinical studies.

"Our upcoming studies will evaluate JVS-100 for the treatment of patients with chronic heart failure and late-stage peripheral artery disease, two indications with limited therapeutic options," Rahul Aras, president and CEO of Juventas, said in a statement.

Established in 1997, Posco Capital is a corporate investment arm of South Korean steel manufacturer Posco. It targets early to late-stage deals through venture capital and private equity funds worth more than $1.1 billion. Investment areas include new materials, renewable energy, environment, biotechnology and healthcare services.

Green Gross manufactures preventive vaccines, therapeutic antibodies, cell therapies and recombinant proteins.

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