[Asia Economy Reporter Lee Gwan-joo] Onconic Therapeutics announced on the 9th that it has completed a Series B investment round worth 26 billion KRW. With this investment, Onconic Therapeutics has secured a cumulative investment amount of 46 billion KRW within one year following its Series A last year.
In this round, existing investors Stonebridge Ventures, Premier Partners, BNH Investment, and Daol Investment continued their follow-up investments after Series A. New investors joining include Korea Development Bank, K2 Investment Partners, Aju IB Investment, SL Investment, and DT&I Investment.
Onconic Therapeutics plans to use the investment to swiftly complete the Phase 3 clinical trial of the potassium-competitive acid blocker (P-CAB) new drug candidate 'OCN-101' and pursue new drug approval.
Additionally, it plans to complete the Phase 2 clinical trial of the next-generation PARP anticancer drug candidate 'OCN-201,' which overcomes resistance to existing PARP anticancer drugs through a dual inhibitory mechanism of PARP and Tankyrase.
Kim John, CEO of Onconic Therapeutics, said, "Successfully raising 26 billion KRW from leading domestic investment institutions despite the biotech unlisted investment winter signifies the high market evaluation of Onconic Therapeutics. We will firmly prove a new success case for domestic new drug development startups to meet expectations."
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