On March 11, 2022 InnoCure Therapeutics (hereinafter referred to as InnoCure), a new drug development bio-venture, reported the company has completed Series A funding (Press release, InnoCure Therapeutics, MAR 11, 2022, View Source;mode=view&idx=6&sk=&sw=&offset=20&category= [SID1234651741]). Four investment institutions participated and successfully raised a total of 5.5 billion won. Based on this funding, it plans to secure leading substances for preclinical chronic myeloid leukemia treatment, Parkinson’s disease, and RAS-specific mutant protein targets.
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According to the financial investment industry on the 19th, InnoCure raised 5.5 billion won in funds by issuing redeemable convertible preferred stocks. The four institutions that participated in InnoCure’s Series A funding are Starset Investment, Laguna Investment, Suin Investment, and G&Tech Venture Investment.
InnoCure is seeking to be listed on KOSDAQ in 2024 and aims to IPO through a technology special case method when the global clinical entry of three or more products becomes visible.
InnoCure is a bio venture that develops new drugs using the next-generation protein degradation mechanism PROTAC (Proteolysis-Targeting Chimaera) technology. It was founded in January 2018 by CEO Yoo Hye-dong, who participated in the development of new drugs such as the development of alternative drugs for the nano-anticancer drug Abraxane at Celgene.
Based on Series A funding, InnoCure plans to complete preclinical trials for the T315I mutation treatment for chronic myeloid leukemia using PROTAC technology by mid-2022. It is also focusing on securing a leading substance that selectively decomposes RAS-specific mutant proteins that were difficult to approach with small-molecule inhibitor development methods.
PROTAC is an innovative technology that can fundamentally decompose undruggable target proteins that were difficult to approach with existing small-molecule compound methods. PROTAC’s catalytic function is used to achieve high therapeutic effects with small doses, reduce side effects, and overcome resistance to existing treatments, so it is being used in the development of cancer or intractable disease treatments.