PharmAbcine has closed $6m in a Series A financing. OrbiMed’s Caduceus Asia Partners and Novartis Korea Venture Fund co-led the round, with additional participation from an international syndicate including Green Cross, Tong Yang and Saehan Venture Fund.
Reportedly, the financing will be primarily used to continue developing a pipeline of fully human therapeutic antibodies in the area of cancer and inflammation.
Nancy Chang, chairman and senior managing director of OrbiMed’s Caduceus Asia Partners, said: “We are very excited to make the first investment by OrbiMed in a Korean company. The company’s Series A financing is a first where a Korean start-up was able to attract an international syndicate of quality investors. We believe that this experienced syndicate can work well and we look forward to working closely with Novartis, Green Cross, Tong Yang, and Saehan Venture Fund to build PharmAbcine into a first rate biotech company in Korea.”
Min-Chol Shin of Tong Yang, said: “Tong Yang VC is very delighted to invest in PharmAbcine and to collaborate with the biotech investors. This round of financing would act as a significant step forward to foster its pipeline of therapeutic antibodies. And I believe that PharmAbcine will prove the unique competitiveness of its next generation platform technology as well.”