Bio-tech startup Bionetix raises USD 3M to accelerate new medical research

Bio-tech startup Bionetix raised USD 3 million from Ost Investment, Partners Investment, Mirae Asset Venture Investment, and Company K Partners. Eight months ago, in March, the startup successfully landed seed round funding from Mirae Asset Venture Investment and Company K Partners in March.

Bionetix utilizes comprehensive study results of public research organizations to develop new medicine and then generate preclinical and clinical studies.

The business model utilized by Bionetix is quite rare in Korea, but the model is an up-and-coming field overseas as a new alternative to develop medicine research. There are several well-known cases of startups working with public research organizations, including Leed Discovery Center in Germany, ETC/D3 A Star in Singapore, and NEOMED in Canada.

Bionetix is currently in the process of conducting preclinical studies with NTX-101, a glaucoma treatment technology, in partnership with the Korea Research Institute of Chemical Technology. The startup is also conducting a study on optimization with NTX-301, a technology for anticancer medicine of epigenetics, in partnership with Southern Research in the States.

Bionetix was co-founded this past February by Dr. Jinsoo Lee, former head of the research center at Dong Wha Pharm. Co., Ltd., Dr. Dooyoung Jung, head of business development at the Korea Research Institute of Chemical Technology, and Dr. Hyunyong Cho, a professional cooperation supervisor and previous member of Heraeus Materials Korea Co.

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This article, entitled “Bio-tech startup Bionetix raises USD 3M to accelerate new medical research”, was written in Korean by Platum, edited by AllTechAsia.

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