South Korean exosome biotech company ILIAS Biologics has raised $20.6 million in its Series B funding round from a slew of investors, according to an announcement.
New investors who participated in the funding round are Asset One, Devsisters Ventures, Meritz Securities, Kiwoom Securities, Daishin Securities, Hanyang Securities/Yeolim Partners, and Genie Asset Management. Meanwhile, a few private investors too invested in the company.
The round also saw the participation of its existing backers such as HB Investment, Timefolio Asset Management, and Daedeok Venture Partners.
With the current funding, the company’s total capital raised so far stands at $40.2 million to date.
The fresh corpus raised will help ILIAS Biologics to work on its exosome-based therapeutics pipeline.
“The support from our new and existing investors is a reflection of their confidence in the immense potential of ILIAS’s exosome-based platform technology and the expertise of scientists and management teams at ILIAS,” said Dr Chulhee Choi, CEO of ILIAS Biologics.
Founded in 2015, ILIAS Biologics (previously Cellex Life Sciences, Inc.) develops exosome-based therapeutics. The company is currently working on areas of inflammatory diseases and oncology.
In South Korea’s healthcare sector, most recently, drug developer Oncocross raised 16.5 billion won ($14 million) in a Series B funding round led by Smilegate Investment and GNTech Venture Capital.
Last year, Orum Therapeutics raised $30 million in a Series B financing round to advance cell-penetrating, cell-specific antibody technology for novel therapeutics.