[Asia Economy Reporter Hyunseok Yoo] Woojung Bio announced on the 22nd that it has signed a business agreement with Spring Camp to discover and support promising new drug and bio startups through the ‘Woojung Bio New Drug Cluster.’ Spring Camp is a venture investment subsidiary of ‘Snow,’ a Naver affiliate. It provides initial investment funds, office space, and networks so that entrepreneurial talents from Seoul National University can freely take on challenges.
Based on its talent investment philosophy, Spring Camp reviews early-stage startup teams and makes selective and focused investments in the most outstanding teams. It plays a role in absorbing and nurturing entrepreneurial talents by creating a startup ecosystem around Seoul National University Station.
Going forward, Spring Camp plans to make venture investments in new drug and bio startups residing in the ‘Woojung Bio New Drug Cluster.’ It is expected to create a synergy effect as Spring Camp’s corporate philosophy aligns with the cluster’s slogan of ‘Open Innovation, Innovative New Drug Development.’
Through this agreement, the two companies will mutually cooperate in areas such as ▲ screening and investing in bio companies with excellent technology for new drug development commercialization ▲ joint investment ▲ support in each specialized field up to the commercialization of new drug development by jointly invested companies.
Cheon Byeong-nyeon, CEO of Woojung Bio, stated, “The ‘Woojung Bio New Drug Cluster’ is Korea’s first corporate-friendly private-led consortium that will pursue true open innovation by applying an innovative business model,” adding, “It has laid the foundation for startups to confidently take on new drug development challenges.”
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