Wellmarker Bio has completed “Series-A” funding to raise $25 million, six months after raising 4.5 billion won seed funding in April.
Wellmarker Bio has completed “Series-A” funding and raised $25 million in November 2018 from multiple institutional investors including the Korea Development Bank, Yozma Group Korea, GAIA Venture Partners, KB Securities, IBK Capital, Mirae Asset Venture Investment, Magellan Technology Investment, Friend Investment Partners, Widwin Investment, Meritz Securities, and The Wells Investment.
“The new funding will enable us to focus on the targeted substance for colon cancer resistant to Erbitux and other on-going studies,” said Dong Hoon Jin, CEO of Wellmarker Bio. “By conducting preclinical and clinical research steadily, we will raise the license-out possibilities.”
In the future, the company plans to develop pipelines for other types of cancer, he added. The company has been discussing with Yozma Group to conduct a trial on biomarker-based anticancer pipelines since September jointly.