BIORCHESTRA Announces 45 Million USD Series C Fundraising
BIORCHESTRA is a leading RNA therapeutics company whose lead programs focus on neurodegenerative diseases using its proprietary RNA-based drug and drug delivery platforms. Today, BIORCHESTRA announced the completion of its 45 million USD (54 billion KRW) Series C Fundraising as of 22nd February 2022.
Participants in the Series C were Daily Partners, IMM Investment, SBI Investment, LSK Investment, E&Venture Partners, Smilegate Investment, Quantum Ventures Korea, Stick Investment, Widwin investment, and NH Securities as FI (financial investors). GS holdings, Chong Kun Dang Holdings, and Chong Kun Dang Pharmaceutical participated in the series C as SI (strategic investor). It is unusual for all existing shareholders who have participated in the series A, series B, and series B bridges to participate in series C fundraising as well. The financing was significantly oversubscribed with high demand from both existing and new investors. It is interpreted that not only the existing shareholders participated in the follow-up investment, but also the new participating institutional shareholders showed confidence as investors in the scientific foundation, business development, potentials of BIORCHESTRA growth and the social value of the BIORCHESTRA technology.
Branden (Jinhyeob) Ryu, CEO of BIORCHESTRA, said, “We are delighted with the support we received in this Series C financing from both existing and new investors. We have successfully completed the series C capital increase, thanks to investors who showed confidence in BIORCHESTRA technology. BIORCHESTRA will develop the world’s first RNA-based treatment for neurodegenerative disease (Alzheimer’s disease, Amyotrophic Lateral Sclerosis disease). This funding will allow us to both continue and expand our development activities through internal programs and strategic partnerships. In addition, we will verify our drug delivery system, BDDS™ through open innovation with global big pharmaceutical companies by establishing a stable production system in the pilot plant, which will be operating from this year, and continue to develop next-generation delivery systems such as mRNA delivery systems.”
Dr. Louis O’Dea, BIORCHESTRA’s CMO and US President, said, “BIORCHESTRA has developed a novel, breakthrough technology to deliver targeted therapies through the blood-brain barrier to address the unmet needs of patients with progressive, fatal, neurodegenerative diseases. The growing interest of established pharma and biotech companies and the confidence of our investors validate the scientific platforms and progress of BIORCHESTRA. We look forward to using this funding to accelerate the filing of our first IND and our entry into therapeutic clinical trials.”
Young-Gil Kim, CFO of BIORCHESTRA, said, “Proceeds from this financing will support the expansion of our research and development activities and product pipeline, completion of our GMP facility, and initiation of our nonclinical toxicology programs leading to IND filing in 2023 for BMD-001, our leading clinical program in neurodegenerative disease. In preparation for IPO, we will adopt and stabilize internal control over financial reporting system and IFRS.”
In 2021, BIORCHESTRA was selected as the awardee in the NYC Innovation QuickFire Challenge on Neuroscience. In January 2022, BIORCHESTRA signed a collaboration research agreement with SK Biopharm to develop a new drug for Epilepsy.
Branden (Jinhyeob) Ryu, CEO of BIORCHESTRA, and Dr. Louis O’Dea (a founding member of Moderna) has attended the Clinical Trial on Alzheimer’s Disease (CTAD) 2021 in Boston and presented the therapeutic effect through microRNA regulation in neurodegenerative disease, received a lot of response from experts. In 2022, Branden (Jinhyeob) Ryu, plans to present the therapeutic effect of BMD-001 as a speaker at renowned international conferences such as RNA Leaders World Congress, DIA/FDA Oligonucleotide-Based Therapeutics Conference, RNA Therapeutics & Delivery US Congress, Formulation & Delivery UK Congress, and RNA Therapeutics Modalities Summit in 2022.