Bilix, containing the identity of reverse thinking and novelty
1 Establishment of new drug pipeline with bilirubin platform technology
Securing global competitiveness by increasing corporate value
“I want to give hope to those who are living a difficult life with an incurable disease”
[IB Tomato Lim Seong-ji] “The new drug development industry is a specialized area that is difficult for ordinary investors and shareholders to understand, and it is difficult to deliver accurate information even if public disclosure is made. Even if there is content, the bad examples of some companies that are inflated hinder the development of the Korean pharmaceutical bio industry. Bilix will strive to develop accurate new drugs through high-quality research on the bilirubin platform.”
Kim Myeong-rip, CEO of Bilix, who served as SK Telecom (017670) in vitro diagnostics business head, NanoEntec (039860) CEO, and Eutilex (263050) business general manager and research center, showed confidence in the bilirubin platform technology.
Bilirubin is a yellow-brown substance present in bile and is a product produced when hemoglobin, a component of red blood cells, is metabolized when worn-out red blood cells are decomposed. Increased levels of bilirubin cause jaundice, a yellowing of the skin or whites of the eyes. By measuring the bilirubin level, it is possible to diagnose the presence and degree of diseases such as the liver and biliary tract, so bilirubin was considered an unhealthy substance. Numerous clinicians and scientists have tried to drug bilirubin, but the main reason for their failure is that bilirubin has extremely hydrophobic properties that do not dissolve in water.
Having overcome the limitations of bilirubin with technology, Bilix successfully completed a Series A investment of KRW 14 billion in the first half of 2021, and is currently seeking follow-up investment of up to KRW 30 billion in 2022.
There have been about 70,000 papers to date that bilirubin is effective for various diseases, but it has not been drugged due to the water insoluble property of bilirubin. KAIST Professor Jeon Sang-yong (co-founder)’s team developed PEG (Polyethylene Glycol), a chemical substance called PEG (Polyethylene Glycol), to bilirubin to overcome these limitations, and PEGylation, which combines the properties of bilirubin and PEG, to make bilirubin hydrophobic and easily soluble in water. transformed into a material that can Kim Myeong-rip, CEO of Bilix, said, "As a way to solve the hydrophobic characteristics of bilirubin over the past 7 years, the KAIST Chair Professor Jeon Sang-yong`s research team proved the effectiveness of treatment in animal models of 8 types of diseases, and based on this, the paper was successfully published." .
The core of Bilix is the bilirubin platform technology. PEGylated bilirubin safely turns into nanoparticle micelles when it enters water, which is a circular nanoparticle with a diameter of about 100 nanometers. PEGylated bilirubin has bilirubin on the inside and PEG on the outside, so it can safely enter the water. If the empty space inside the circular shape is left empty, it itself becomes an anti-inflammatory treatment, and if you put an anti-cancer drug into the empty space, it will embrace the anti-cancer drug without causing any chemical reaction.
CEO Myung-Lip Kim said, “When an anti-cancer agent is loaded inside the ball, the substance tracks cancer in the body like a torpedo from a submarine. It plays a role,” he explained. He continued, “When the drug substance wanders around the body, it is non-toxic, but when it chases cancer and enters the tumor, it encounters active oxygen. There will be,” he said.
Until now, it is known that there is no drug delivery system that can directly spread anticancer drugs like the Bilix technology. In addition, by loading a diagnostic contrast agent, it is also raising the possibility of developing a platform technology used as a cancer diagnosis contrast agent. CEO Myung-Lip Kim said, “I think the technology of Bilix is scalable, and I think it is difficult to succeed if the technology is complicated. “The more complex the mechanism, the more things need to be addressed,” he said. “The future direction of new drug development is the need for a platform that covers various inflammatory diseases, cancer diagnosis, and treatment of various diseases, rather than being applied only to one or two diseases. It has happened,” he said.
Since its establishment in 2018, Bilix has received seed investment from DS Asset Management and Alpenroot Asset Management, and Estech Pharma (041910) has invested 2 billion won as a strategic investor (SI). DS Asset Management made follow-up investments in Series A in the first half of last year, and Magna Investments, We Ventures, Industrial Bank of Korea (024110) , and Genaxis also participated as financial investors (FI). As a strategic investor (SI), Estek Pharma followed-on, and Soulbrain Holdings also invested, a total of 14 billion won in Series A. CEO Myung-Lip Kim said, “There is a thought that the standard for Series A is higher than in the past, but the fact that we received 14 billion won in itself proves that we have high expectations for Bilix’s corporate value and future growth value.” We will develop into a company that makes a successful case of K-Pharma.”
Billix is preparing for Series B in 2022, and has set the scale of attracting Series B to 30 billion won. CEO Myung-Lip Kim said, “To create normal results, it is important to make something quantitative.” “Investment attraction does not end with the amount, but ultimately, it is to create new drugs for various inflammatory and incurable diseases.” He continued, “If that is Bill Riggs’ vision and the goal is achieved, we will make the best R&D system.”