The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced on Friday the 27th that it selected TerraCid Bioscience Co., Ltd. (CEO Kim Heung-jae) as an “IP-Value Powerhouse” and provided KRW 1 billion in excellent IP value plus guarantee (hereinafter referred to as “Value Plus Guarantee”) reflecting the results of the technology value evaluation of its non-alcoholic steatohepatitis treatment.
The Value Plus Guarantee is a customized guarantee product in which the Central Technology Evaluation Institute of Korea, in cooperation with universities, public research institutes, and contracted institutions, discovers high value-added, cutting-edge technology-based intellectual property (IP) and supports commercialization funds within the calculated value amount by linking it with a guarantee. In addition, KIBO awards the 'IP-Value Powerhouse' certificate to companies selected as excellent IP through high-difficulty technology value evaluation.
Terraside Bioscience Co., Ltd., which was selected this time, is a company discovered through the recommendation of the Korea Drug Development Association (hereinafter referred to as the “KDDA”), and the selection ceremony was held on this day at the KDDA headquarters in Yeongdeungpo-gu, Seoul, with the attendance of CEO Kim Heung-jae and Executive Director Cho Heon-je of the KDDA.
Terraside Bioscience Co., Ltd. is a new drug development bio venture company established in June 2017 by CEO Heung-Jae Kim. It is developing a candidate substance with a dual mechanism of action that reduces inflammation by activating the nuclear receptor RORα, thereby suppressing the Th17/IL-17 immune pathway, and simultaneously inhibiting liver cell damage and fibrosis progression. The substance has currently completed phase 1 clinical trials.
Kibo highly evaluated the technological prowess of Terraseed Bioscience Co., Ltd. and provided a value plus guarantee of KRW 1 billion. It also plans to actively support the commercialization of excellent IP technologies by providing various preferential benefits such as ▲reduction of guarantee fees ▲free support for pre-diagnosis evaluation for technology special listing ▲certification of technology evaluation for investment purposes.
Lee Jae-pil, CEO of Kibo, said, “Through the Value Plus Guarantee, Kibo is continuously discovering promising technology companies in the pharmaceutical and biotech fields in cooperation with related organizations,” and “In particular, since new drug development projects have long recovery periods and high risks, it is a field that is not easily supported through existing financial methods, so we will continue to actively discover excellent bio venture companies and strengthen our support so that they can lead to successful commercialization.”
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