Two Daejeon Bio Ventures Secure Technology Exports Worth 1.6 Trillion Won

Two bio venture companies in the Daejeon area have succeeded in exporting technology worth 1.6 trillion KRW.

According to Daejeon City on the 19th, the technology-exporting venture companies are 'BioOrchestra' and 'Jincore,' which recently signed technology transfer contracts with a global pharmaceutical company in the United States.

In the first quarter of this year, a total of eight technology transfer contracts for new drug candidate substances were signed by domestic companies, and among companies located outside the metropolitan area, only two companies from Daejeon were included, according to the city.

In particular, BioOrchestra signed a contract worth 1.121 trillion KRW with a global pharmaceutical company, achieving the largest contract among the eight companies in total.

This company was founded in 2016 by Dr. Ryu Jin-hyeop, a pathology, immunology, and microbiology doctor from the University of Tokyo Medical School, and is growing its global competitiveness as a company developing treatments for degenerative brain diseases. The technology recently licensed is the ‘brain-targeted polymer-based drug delivery system technology.’

Jincore is a company founded by CEO Kim Yong-sam, who served as the head of the Gene Editing Research Center at the Korea Research Institute of Bioscience and Biotechnology. The company demonstrated its capability by signing a large-scale technology transfer contract within three years of its establishment in 2019.

Jincore is currently conducting joint research with a global pharmaceutical company based in Boston to transfer its ‘ultra-small gene scissors technology,’ and if commercialization is successful, it is expected to receive 450 billion KRW in technology fees.

Previously, the city promoted projects such as the ▲cell line-based rapid manufacturing support project for medical antibodies ▲K-BioHealth regional center and full-cycle support project for bio business to help local bio venture companies like BioOrchestra and Jincore enter the global market, supporting production efficiency enhancement and overseas marketing.

Han Sun-hee, Director of the Strategic Business Promotion Office of the city, said, “Until now, technology export contract achievements in the region were mainly made by listed companies such as HanAll Biopharma, LegoChem Bio, and Alteogen, but this year, unlisted bio ventures are leading the performance,” adding, “As local bio venture companies achieve technology transfer results every year, the city plans to expand support for bio venture companies by strengthening connections with innovation institutions in the Daedeok Innopolis.”