Drug delivery (DDS) platform corporations Inventage Lab has raised a total of 98.5 billion won in funding.
The company initially aimed to raise 80 billion won, but said it closed nearly 100 billion won after investor demand reached 123% of the target.
In this round, reinvestment by existing investors stood out. Many investors who participated in Inventage Lab's mezzanine financing before and after its listing participated again. The company sees the reinvestment by investors who have already experienced its technology and business performance as reflecting confidence in the competitiveness of its platform.
Participating investors included Plexus Partners, Timefolio Asset Management, Stonebridge Ventures, Starset Investment, AJU IB INVESTMENT, Mirae Asset Venture Investment, IMM Investment, BNH Investment, Woori Venture Partners, and Medici Investment, among other bio and healthcare investment institutions. Overseas investors included Oasis Management and DeltaFlex Capital.
The funds will be used for research and development (R&D), working capital, and investments in good manufacturing practice (GMP) facilities. Inventage Lab is pushing to commercialize its long-acting injectable platform "IVL-DrugFluidic" and its subcutaneous (SC) biologics formulation platform "IVL-BioFluidic."
In February last year, the company acquired contract development and manufacturing (CDMO) corporations Quratis, securing dedicated GMP facilities for long-acting injectables at the Osong Bio Plant in North Chungcheong. Part of the newly raised funds will be used to expand manufacturing facilities at the plant. The company plans to establish commercial production facilities for long-acting injectables and build the manufacturing base needed for collaboration with global pharmaceutical companies.
Kim Ju-hee, CEO of Inventage Lab, said, "This round saw continued reinvestment from existing investors who have worked with us since before listing," and added, "Based on the funds secured, we will advance our drug delivery system (DDS) platform while building out GMP production infrastructure."