DAEJEON, South Korea, Sept. 16 /PRNewswire/ -- PharmAbcine, a specialized biotech company focused on the development of fully-human monoclonal antibodies for the treatment of cancer and inflammatory diseases, announced that is has received $6 million USD in a Series A financing. OrbiMed's Caduceus Asia Partners and Novartis Korea Venture Fund co-led the round, with additional participation from an international syndicate including Green Cross, Tong Yang and Saehan Venture Fund.
The financing will be primarily used to continue developing a pipeline of fully human therapeutic antibodies in the area of cancer and inflammation. In 2008, PharmAbcine was selected as the winner of business plan competition under 'GATE (Get Armed To Explore Global Market)' project. GATE was a collaborative initiative among the Korea Health Industry Development Institute (KHIDI), Samsung Advanced Institute of Technology (SAIT), McKinsey & Co., the Korea Trade-Investment Promotion Agency (KOTRA), and Novartis.
"We are very excited to make the first investment by OrbiMed in a Korean company and believe that PharmAbcine is uniquely positioned with talented scientists, excellent science and meaningful product opportunities," said Dr. Nancy Chang, Chairman and Senior Managing Director of OrbiMed's Caduceus Asia Partners. "The company's Series A financing is a first where a Korean start-up was able to attract an international syndicate of quality investors. We believe that this experienced syndicate can work well and we look forward to working closely with Novartis, Green Cross, Tong Yang, and Saehan Venture Fund to build PharmAbcine into a first rate biotech company in Korea."
"Novartis Korea Venture Fund puts priority on investing in the best life science start-ups in Korea - our mission is to support Korea as it builds a world class biotech industry," said Dr. Anja Koenig, Managing Director, Novart
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