Pharos iBio, an artificial intelligence (AI)-based new drug development corporations, said on the 4th that it issued 19 billion won worth of convertible bonds (CB) for the first time since listing.
In this investment, major domestic venture capital (VC) firms, including DSC Investment, Company K Partners, Korea Investment Partners, and Korea Investment & Securities, which invested in Pharos iBio before its listing, participated. It also brought in a new investor, AJU IB INVESTMENT, which specializes in bio investment.
Pharos iBio plans to use the secured funds for: ▲ developing and pursuing the transfer of combination therapy for "Rasmutinib," a treatment for acute myeloid leukemia (AML) ▲ conducting a phase 1 clinical trial of "PHI-501," a treatment for intractable solid tumors ▲ advancing and diversifying new pipelines for "Chemiverse," its in-house AI new drug development platform.
Yoon Jeong-hyeok, CEO of Pharos iBio, said, "Through this investment, we were able to once again confirm the market's expectations for Pharos iBio's clinical results and technological competitiveness," and added, "We will accelerate the commercialization of global blockbuster new drugs, focusing on key pipelines such as Rasmutinib, which has completed registration of the WHO International Nonproprietary Name (INN), and PHI-501, which is beginning clinical trials."