Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.KRIBB and Chemizon, the drug discovery services division of Optomagic, have entered into an agreement whereby Chemizon will collaborate closely with KRIBB to spin out a new biotech company designed to commercialize KRIBB's diverse portfolio of intellectual property assets.
Subscribe to our email newsletter
While all of KRIBB’s technologies will be considered for transfer into ‘NuCo’, those having the greatest potential for contributing to the discovery of drugs that address unmet medical need will receive the highest priority. Chemizon, through its recently formed Chemizon-Oakwood Bioventures private equity fund, will serve as the lead investor and work closely with KRIBB to capitalize, build a world-class management team, and incubate the company. In addition, Chemizon, through use of its integrated drug discovery platform, will collaborate scientifically with NuCo to help convert its discoveries into small molecule therapeutics.
The new company will focus on target discovery and validation, proteomics, biomarker and translational medicine research, stem cell biology, diagnostics and bioinformatics, with the goal of creating a pipeline of novel protein, antibody and small molecule therapeutics aimed primarily at oncology, CNS and infectious disease indications.
Sang Ki Rhee, president and CEO of KRIBB, said: “This will allow KRIBB to focus on basic research without distraction, and reduce its considerable dependence on the government for research funding. At the same time, we will ultimately maximize the value of our current and future assets.”