April 19, 2024

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[THE INVESTOR] Israeli venture capital giant Yozma Group said on March 23 it has invested 2 billion won (US$1.85 million) in local cancer treatment developer BiSiChem -- the first investment under its new Korean venture investing in promising biotech firms here.

Yozma set up its Korean unit Yozma Group Korea in 2015, the first of its kind outside Israel. Since then, Lee Won-jae, the group’s former Asian chief, has served as the Korean head. 

Lee Won-jae, head of Yozma Group Korea

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BiCiChem, established in August last year, develops first-in-class cancer therapies with aims to enter the global market in a couple of years. Its CEO Seo Jung-beob worked as senior research scientist at Array Biopharm in the US for years and served as CSO at Seoul-based Cha Biomed.

The firm is one of the resident venture firms at Yozma Campus, the group’s venture accelerating space in Korea. Yozma operates six campuses across the nation in partnership with local colleges and research institutions.

Lee, the Korean chief, showed high expectations about BiCiChem seeking synergies with Yozma’s research network with a slew of global pharmaceutical companies for its overseas expansion.

“We will continue to make investments in early-stage venture firms not just in biotech but also in other ICT and fourth industrial revolution sectors,” said Lee, the Korean chief.

By Lee Ji-yoon (jylee@heraldcorp.com)