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The Korea Herald
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THE INVESTOR
March 29, 2024

Bio

Feelux to invest US$20m to set up CAR-T developer in US

  • PUBLISHED :May 24, 2018 - 16:31
  • UPDATED :May 24, 2018 - 16:31
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[THE INVESTOR] Feelux said on May 24 that it will establish a subsidiary in the US in a bid to accelerate the development of immunotherapy for cancer.

The board of of directors has decided to make an investment worth US$20 million for incorporating its US unit CAR-TCellKor and the clinical development of its chimeric antigen receptor T-cell therapy candidate, the company said. 


Feelux CEO Ahn Won-hwan (left)



CAR-T immunotherapy involves removing a patient’s immune cells, engineering them to target the tumor and then multiplying those cells en masse before infusing them back into the patient.

The KOSPI-listed company, which has been focusing on lighting business, is eyeing the largest pharmaceutical market by setting up the US biotech. “If the development of immunotherapy drugs goes smoothly, we hope to list CAR-TCellKor on NASDAQ,” Feelux CEO Ahn Won-hwan said.

The move comes as Feelux jumped on the biotechnology bandwagon which Korea’s large conglomerates like Samsung, SK and LG are betting big on hoping that the business becomes their next revenue generator.

In March, Feelux decided to acquire a 63 percent stake in California-based biotech Viral Gene for US$35 million.

By Park Han-na (hnpark@heraldcorp.com)

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