Researcher Dohee Kim of OwlBio, studying a treatment whose effects last for one month with a single dose
Bio venture company OwlBio has been selected as a ‘2020 BIG3 Small and Medium Venture Innovation Growth Support Company’ by the Ministry of SMEs and Startups (hereinafter referred to as the Ministry), accelerating the development of diabetes and obesity treatments using drug delivery technology.
This project is being conducted to enhance the capabilities of small and medium venture companies in the system semiconductor, biohealth, and future car sectors, which the government is focusing on as future growth engines. Recently, 250 startups and venture companies in the BIG3 sectors to be intensively nurtured over the next three years were selected.
OwlBio was selected as an innovation growth support company in the ‘biohealth sector.’ It will receive tailored full-cycle support including up to 1.2 billion KRW in commercialization and R&D funds, and up to 13 billion KRW in policy funds and technology guarantees.
Additionally, through a corporate innovation mentor group composed of experts in each field, the company will receive systematic support from project planning to performance evaluation to help generate results.
CEO Tae-Gun Ahn stated, “We are focusing on the commercialization of innovative diabetes and obesity treatments based on drug delivery technology that allows once-a-month administration to solve patient inconvenience.” He added, “Currently, we are at the animal testing stage, and based on this national project, we plan to promptly complete the manufacturing of non-clinical and clinical trial drugs.”
Meanwhile, OwlBio Co., Ltd. successfully completed a Series A investment worth 3 billion KRW in May, just over two years after its establishment in February 2018.
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