On May 24, 2022 Daewoong Pharmaceutical (CEO Seung-ho Jeon and Chang-jae Lee) reported that it has been newly selected as an operator of TIPS (Television, Private Investment-led Technology Startup Support), a technology startup investment program hosted by the Ministry of SMEs and Startups (hereinafter referred to as the MSS) (Press release, Daewoong Pharmaceutical, MAY 24, 2022, View Source [SID1234647377]).
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TIPS is a program that utilizes the operator’s private (angel) investment and incubation capabilities to discover and invest in promising startups, and then supports them with matching funds such as government technology development, startup commercialization, and overseas marketing. When the operator selects a startup and recommends it to the Ministry of SMEs and Startups, it provides support for technology development (R&D), startup commercialization, etc. after a separate evaluation.
Daewoong Pharmaceutical registered as a specialized accelerator in the pharmaceutical and biotechnology field with the Ministry of SMEs and Startups in 2020 and has successfully discovered and invested in two prospective startups and two early-stage investment companies through its startup investment competition program, Innobear Startup School.
Daewoong Pharmaceutical applied for the recruitment of a new TIPS operator in March to promote a company building that helps start-up companies in the bio sector with promising technologies prepare for startups and foster early-stage companies, and to create an environment where Daewoong Pharmaceutical and start-ups can grow together. As a result, it was officially selected this month. Daewoong Pharmaceutical is the only company selected as a specialized operator for bio and healthcare.
Daewoong Pharmaceutical will recruit and select startups with potential in the field of bio-fusion R&D that encompasses synthetic new drugs, cell gene and antibody treatments, new modalities, innovative technologies that can become next-generation game changers, artificial intelligence and various IT technologies, and support them with angel investment, incubation, mentoring, and bio-specialized acceleration programs.
Jeon Seung-ho, CEO of Daewoong Pharmaceutical, said, "Daewoong Pharmaceutical will become the optimal customized partner that can grow together with startups based on its 30+ years of research and clinical development capabilities, global blockbuster launch and technology export experience, global business and production infrastructure, and early-stage investment and accelerator experience."
Meanwhile, Daewoong Pharmaceutical has been actively pursuing open collaboration with promising startups prior to selecting the TIPS operator. In the field of cell and gene therapy, it is jointly developing anticancer immune cell therapy with Alloplex and target protein degradation (TPD) platform new drugs with Pin Therapeutics. In the field of innovative new drugs and DDS, it is jointly developing immune anticancer drugs with NEX-I and continuing long-term collaboration with Nurron for the development of brain disease treatments (Parkinson’s disease).