[THE INVESTOR] Ildong Pharmaceutical has made a 2 billion won investment in its strategic partner Cellivery Therapeutics, which is jointly developing a Parkinson’s disease treatment with the drug maker, according to local reports on May 17.
Ildong bought 181,820 Cellivery redeemable convertible preference shares, or a 3.04 percent stake, in February when other investors like Dongbu Securities and SBI Investment also took part in the capital increase. They invested a total of 7 billion won investment.
Cellivery is a Seoul-based biotech startup developing proprietary macromolecule intracellular transduction technology, or MITT, which allows functionally active macromolecules to rapidly transverse cellular membranes.
Ildong and Cellivery are currently working on a joint project to develop iCP-Parkin, a first-in-class Parkinson’s disease drug candidate which prevents brain cells that produce dopamine from becoming damaged by using the technology,
“Although we are working together as partners, the investment was made as a part of Ildong’s strategy to fund bio startups with high growth potential. It is not related to the partnership,” a company official said.
By Park Han-na (firstname.lastname@example.org