The new drug development corporation Daimbio announced on the 25th that it has completed a series A funding round worth 12 billion won. Partners Investment, MERITZ Securities, Samho Green Investment, Industrial Bank of Korea, Medytox Venture Investment, Cornerstone Partners, and Myriad Life Sciences participated in this round.
Daimbio plans to focus on completing phase 1 clinical trials for its main pipeline, the next-generation targeted anticancer drug "DM5167," based on the funds raised this time and will also intensify efforts to enter non-clinical toxicity testing for the degenerative brain disease treatment "DM3159."
"DM5167" is a second-generation targeted anticancer drug that selectively inhibits PARP-1, effectively overcoming the main limitation of blood toxicity seen in existing first-generation PARP inhibitors. "DM3159" is a novel degenerative brain disease treatment targeting the taste receptor "TASR GPCR."
Currently, the phase 1 clinical trial for "DM5167" is underway at Seoul National University Hospital, Bundang Seoul National University Hospital, Samsung Medical Center, and Severance Hospital. Last month, it was selected as a supporting corporation for phase 1 clinical trials under the National New Drug Development Project (KDDF), receiving research and development funding.
Kim Jung-min, CEO of Daimbio, noted, "The anticancer drug and the degenerative brain disease treatment have already garnered interest from numerous global pharmaceutical companies and biotech firms, indicating their global competitiveness. In light of the current contraction in the biotech market, successfully securing investment reflects high expectations for research results and future growth potential."