First Biotherapeutics, an innovative drug development company, announced on the 26th that it has successfully completed a Series D funding round of 31.7 billion won. This round exceeded the initial planned size, bringing First Bio's total funding to approximately 108 billion won.
This round of funding reaffirmed the market's confidence in FirstBio's technological prowess and growth potential, with participation from existing major investors, new financial investors, strategic partners, and the lead underwriter. Existing investor Smilegate Investment followed up with a follow-on investment, while new investors included Cloud Investment Double Capital Partners and several other institutions. LigaChem Biosciences, a partner in the joint development and technology transfer option agreement, joined as a strategic investor.
In addition, Anda Investment Partners made a follow-up investment, and new investors including Daily Partners, Mirae Asset Investment & Securities, CKD Venture Capital, Anda Asset Management, Woori Investment & Securities, Wanted Lab Partners, and Korea Investment & Securities participated in the round. Korea Investment & Securities' participation in this round formalizes its entry into the IPO preparation stage as the lead underwriter.
FirstBio is developing innovative new drugs, focusing on degenerative brain diseases and immuno-oncology. Its proprietary AI-based drug discovery platform is enhancing R&D efficiency and the likelihood of success. Its core pipeline, the HPK1 inhibitor FB849, is currently in Phase 1 global clinical trials. Unlike existing immuno-oncology drugs, it possesses a unique mechanism of action that utilizes various immune cells to induce anticancer effects.
Based on these research achievements and business potential, FirstBio was selected as a potential unicorn company in the 2024 Global Unicorn Project hosted by the Ministry of SMEs and Startups. Furthermore, FirstBio is expanding its global-level R&D capabilities through collaborations with companies such as Ligachem Biosciences, D&D Pharmatech, the Michael J. Fox Foundation, and MSD.
FirstBio plans to use the newly secured funds to accelerate the clinical development of its HPK1 inhibitor and to actively pursue research on follow-up pipelines, including cAbl inhibitors and LRRK2 inhibitors. Furthermore, the company plans to pursue technology transfer and global commercialization of its key pipelines.
Kim Jae-eun, CEO of First Biotherapeutics, said that this investment demonstrates the market's confidence in the company's competitiveness and growth potential, and that the company will focus on producing rapid partnering results and preparing for an IPO to leap forward as a new drug development company with global competitiveness.
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