On June 8, 2022 C&Cure (CEO Min Jeong-jun and Park Joong-gon), which develops a bacterial anticancer drug platform and radioactive pharmaceuticals, reported the company has completed Series B bridge investment (Press release, CNCure, JUN 8, 2022, View Source [SID1234649033]).
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It has been one year since it was selected for Series A investment (KRW 6.5 billion) and investment-linked Ministry of Trade, Industry and Energy project (support amount KRW 2.5 billion) in February last year.
According to C&Cure on the 8th, existing institutional investors DT&Investment and ID Ventures made follow-up investments in the Series B bridge investment, and Hana Ventures participated as a new institutional investor.
Including the 2019 seed round (KRW 2.3 billion), the total amount raised up to this stage amounts to KRW 13 billion.
Kang Hoon-mo, an executive director at Hana Ventures who led this investment, said, "The investment point is the high research capabilities of C-level executives with world-class global competitiveness."
The funds raised will be used for the development of a bacterial anticancer drug currently underway in the United States (under contract with a US CDMO) and for the development of a radiopharmaceutical drug (in the first clinical trial underway with the Ministry of Food and Drug Safety).
The company plans to apply for an additional clinical trial of a radiopharmaceutical for the early diagnosis of malignant melanoma in the second half of this year.
C&Cure is a company established in 2019 by professors at Chonnam National University College of Medicine, and is conducting a national research project with a total budget of 8 billion won hosted by the Ministry of Trade, Industry and Energy and the Ministry of Science and ICT.
Professor Min (Department of Nuclear Medicine, photo), Professor Hong Young-jin (Microbiology), and Professor Kim Dong-yeon (College of Pharmacy, Gyeongsang National University) who are co-representatives are leading the research and development.