Suzentec announced on the 23rd that it has made an investment of approximately 2 billion KRW in redeemable convertible preferred shares (RCPS) in the bio-venture company Promedigen. Through this investment, both companies plan to strengthen cooperation in various fields, including new drug research, to secure future growth engines.
Suzentec made this investment from a future-oriented perspective, highly valuing Promedigen's unique research achievements and the company's potential. Son Mijin, CEO of Suzentec, stated, “Combining Promedigen's technological capabilities with Suzentec's in vitro diagnostic platform can produce tangible results that lead the market,” adding, “If cooperation between the two companies is solidified, we expect to play a leading role in the market, and we are also open to the possibility of additional investments in the future.”
Promedigen is a bio-venture company founded in 2019 by Professor Heesung Park of the Department of Chemistry at KAIST. It possesses the world's only customized protein phosphorylation technology. CEO Heesung Park was awarded the ‘KAIST Person of the Year’ in 2016. He is recognized as a world-renowned scholar and an innovative new drug developer, known as the only scientist in Korea to have published three papers in the journal Science.
Based on its outstanding technological capabilities, Promedigen succeeded for the first time in the world in activating tumor suppressor factors and developed the new drug candidate PMG-A7. It is currently preparing extensive preclinical trials for clinical trial approval. If this candidate is used in clinical settings, it is expected to open the path to a cure for drug resistance and metastatic cancer, which were difficult to solve with existing anticancer drugs, becoming a game changer in the anticancer drug market.
Heesung Park, CEO of Promedigen, expressed, “We are grateful to Suzentec for actively investing with excellent insight into our technological capabilities,” and added, “We will do our best to open a new paradigm in the market based on strong cooperation between the two companies.”
Meanwhile, Suzentec plans to continue investing in new businesses such as antibodies, immunoassays, and healthcare services by utilizing the cash assets accumulated during the COVID-19 pandemic.
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