New drug development corporations 1ST Biotherapeutics said on the 26th that it has closed a Series D funding round worth 31.7 billion won. This brings 1ST Biotherapeutics' cumulative funding to about 108 billion won.
Existing investors ▲ Smilegate Investment ▲ Anda Investment Partners participated in this round to follow on. In addition, ▲ GURUM Investment–Double Capital consortium ▲ Daily Partners ▲ Mirae Asset Investment & Securities ▲ CKD Venture Capital ▲ Anda Asset Management ▲ Woori Investment & Securities ▲ Wanted Lab Partners joined as new investors.
In particular, LigaChem Biosciences, a partner under a co-development and option contract for technology transfer, joined as a strategic investor (SI), and Korea Investment & Securities Co., the lead underwriter for the initial public offering (IPO), also invested, formalizing that the company has entered the listing-preparation stage.
1ST Biotherapeutics said it plans to use the secured capital to further accelerate clinical development of its HPK1 inhibitor while focusing on advancing its follow-up pipeline. At the same time, it will pursue technology transfer and global commercialization of its key pipelines.
The company is developing innovative new drugs focused on degenerative brain diseases and immuno-oncology. It is conducting a global phase 1 trial of its core pipeline, the HPK1 inhibitor FB849. The company said it has a differentiated mechanism that produces anticancer effects through various immune cells, not only immune T cells. It added that it is enhancing research and development efficiency and probability of success through its proprietary artificial intelligence (AI)-based drug discovery platform.
Kim Jae-eun, CEO of 1ST Biotherapeutics, said, "The decision by major financial institutions and strategic partners to make new and follow-on investments was possible because they are confident in 1ST Biotherapeutics' competitiveness and potential," and added, "We will quickly make our partnering results concrete and thoroughly prepare for an IPO to leap forward as a new drug development corporations with global competitiveness."
Meanwhile, in 2024, 1ST Biotherapeutics was selected as a "pre-unicorn corporations" in the Global Unicorn Project led by the Ministry of SMEs and Startups, and it forged strategic partnerships with LigaChem Biosciences, D&D Pharmatech, the Michael J. Fox Foundation (MJFF), and Merck (MSD).