New drug developer Voronoi is seeking to raise fresh funds worth 100 billion won (US$89 million) ahead of a potential initial public offering, according to news reports on Feb. 8.
Established in 2015, Voronoi is currently developing treatments for lung cancer, brain cancer, Parkinson’s disease and Alzheimer’s disease. It has five projects in the pipeline set to start clinical trials this year.
Voronoi also receivied 49 billion won from the Dana-Farber Cancer Institute of Harvard Medical School in March 2018. Voronoi secured an additional 50 billion won investment from the same institute in May last year. The institute received some stake in Voronoi in return at the time, but did not disclose the specific figure.
Voronoi also aims to be listed on the second-tier KOSDAQ market this year. Currently, the company has picked Mirae Asset Daewoo and Korea Investment & Securities as its IPO managers to start the process. According to sources, the company is seeking a valuation of around 1.2 trillion won.
The Dana-Farber Cancer Institute evaluated Voronoi’s valuation to be around 250 billion won when receiving its stake from Voronoi in March last year. The institute last month adjusted its evaluation, saying it sees Voronoi’s valuation to be around 1.1 trillion won.
By Song Seung-hyun (firstname.lastname@example.org)