[THE INVESTOR] Korean biopharmaceutical firm Haim Bio, which develops a metabolic cancer drug, said on Dec. 5 it has attracted 3 billion won (US$2.75 million) from angel investors.
The company said it plans to complete the phase 1 clinical trials of its next-generation oncology treatment candidate that starves out cancer cells by the first half of 2019.
7STOCK CEO Song Young-bong (left) and Haim Bio CEO Kim Hong-ryeol.
Haim Bio hopes to commercialize the drug NYH817100 before 2020 by conducting the phase 2 clinical studies for patients with brain, gastric and pancreatic cancer in August 2019.
The investments came as the biotech startup forged a partnership with Korean consulting firm 7STOCK in August to raise funds for the new drug development.
“With the 3 billion won investment, Haim Bio’s oncology drug development will further gather momentum,” 7STOCK CEO Song Young-bong.
This year, Haim Bio acquired the technology involving metabolic targeted therapy of cancer from Korea’s National Cancer Center, following a license-in deal for oncology treatment technology for lung, gastric and brain cancer, co-developed by the center and Yonsei Severance Hospital.
By Park Han-na (firstname.lastname@example.org)