Huons Group is rolling up its sleeves again this year to discover and support the growth of promising domestic pharmaceutical and bio startups.
Huons Global announced on the 10th that it is recruiting for the second season of the open innovation contest, 'AddVenture Challenge 2nd Edition.'
The 'AddVenture' Challenge is Huons Group's open innovation activity that means 'adding' new value by participating in the 'venture (commercialization process)' of ventures and startups. Despite the sluggish bio investment sentiment, the second season is launched to continuously support the bio ecosystem.
This year's second season recruitment fields include ▲metabolic diseases ▲anticancer and rare diseases ▲retinal diseases ▲aesthetic field ▲drug delivery system (DDS) field ▲new formulation field, targeting domestic ventures and startups within 10 years of establishment with excellent capabilities and passion.
After document screening and face-to-face evaluation, the final selected companies will be provided with various benefits such as ▲stepwise equity investment ▲joint research and development with Huons Group ▲free residency at the Dongam Research Institute in Gwacheon.
In the first season of the AddVenture Challenge held last year, Alliad Biopharma, which develops treatments for geriatric diseases based on 'mTORC2' inhibitors, was selected. Through this, Huons Group and Alliad Biopharma are promoting collaboration in multiple geriatric disease fields.
Song Soo-young, CEO of Huons Global, said, "In a situation where inflation, domestic and international economic downturns, and external uncertainties continue, we hope the AddVenture Challenge will be a catalyst for sustainable innovation," adding, "Huons Group plans to actively carry out various open innovation activities to support the growth of startups with excellent technology and capabilities."
Earlier, to consolidate research and development (R&D) capabilities, Huons Group completed and moved into the Huons Dongam Research Institute in Gwacheon Knowledge Information Town last November. Companies selected for the AddVenture Challenge will continue close cooperation with Huons Group through free residency at the Huons Dongam Research Institute.
Meanwhile, applications for the AddVenture Challenge can be submitted via email until March 31. Detailed information such as recruitment guidelines and submission documents can be found on the Huons Global website.
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