SC Bio (CEO Changhoon Lee), a next-generation immuno-oncology and targeted therapy biotech company, announced that following its pre-A investment round of 6 billion KRW secured in June last year, it has raised a total of 11 billion KRW in its Series A round this year. The cumulative investment amount now stands at 17 billion KRW.
This round included follow-on investments from existing investors Magna Investment, L&S Venture Capital, and Korea Science and Technology Holdings (KST), as well as new investments from pharmaceutical and biotech specialized venture capital firms such as TS Investment, LSK Investment, HG Initiative, AVentures, and the Industrial Bank of Korea.
Founded in October 2021, SC Bio is a drug development company possessing numerous core technologies essential for developing immuno-oncology and targeted therapies. The company is currently conducting preclinical development and is focusing on clinical development of its main pipeline with the goal of obtaining clinical trial approval and initiation in 2024.
SC Bio’s pipeline includes SCB001 targeting CD73 and SCB002 targeting Sirt6. SCB001 demonstrated superior efficacy and safety in animal model experiments compared to competing clinical-stage drugs such as NZV930 from the U.S. pharmaceutical company Novartis and Quemliclustat from Arcus Biosciences. Plans are underway for preclinical trials and Investigational New Drug (IND) application. SCB002 has also secured excellent efficacy and safety data in various animal models and is currently in preclinical development, aiming for IND application and approval in 2024.
Yu Youngkyung, team leader at TS Investment, stated, "We reviewed the investment based on SC Bio’s leading foundation for new drug development, the clear mechanisms of each pipeline, and their excellent development speed."
SC Bio CEO Changhoon Lee said, “Although SC Bio is a young startup, within a short period since its founding, it has established a team of over 25 professionals with extensive practical experience, as well as research facilities and equipment. Moreover, this investment round is highly meaningful as it reflects the market’s strong trust in our technology despite challenging investment conditions. Having successfully secured funds for research and business development through this investment, we will do our best to proceed smoothly with clinical development of our main pipeline to further enhance the company’s value.”
Meanwhile, SC Bio was selected as part of the third cohort in Daejeon for IBK Changgong, an innovation startup nurturing program operated by IBK Industrial Bank of Korea this year.
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