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Biz News Korea(Eng)
Israeli venture capital firm Yozma invests in Korean biotech startup
- Collected
- 2018.03.26
- Distributed
- 2018.03.27
- Source
- Go Direct
BiSiChem founded last August is focused on the discovery and development of promising molecule targets for immune-oncology therapy or targeted cancer therapy.
Yozma Group founder Yigal Erlich and BiSiChem head Jeongbeob Seo have met for the first time last year to discuss possible investment projects.
BiSiChem led by a group of veteran researchers has a go-to-market strategy that could be materialized within one to two years.
Seo had worked at U.S. Array BioPharma as senior researcher for many years responsible for cancer drug development programs. Later he joined CHA Biomed and CMG Pharm in Korea before he began his own company. He is the brainchild of Pan-Trk inhibitor Loxo-101 of U.S. Loxo Oncology aiming at developing a novel drug to kill all solid tumors and CMG2014, a targeted cancer drug of Korea’s CMG Pharm.
Erlich is considered as the founding father of the Israeli venture capital industry and one of the most prominent figures in the Israel high-tech arena.
BiSiChem has a global research team whose members have many years of experience in drug development and out-licensing and the company is expected to grow fast on license deals, said Yozma Group Korea. BiSiChem is the first Korean company that attracted funds from Yozma Group Korea.
Yozma Group Korea was founded in 2015 and holds an exclusive agreement with the Weizmann Institute of Science to commercialize and transfer its intellectual properties in Korea. The Weizmann Institute of Science is one of the world’s top three research institutions.
By Lee Young-wook and Minu Kim
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