Billix, 14 billion Series A round closing
Billix has successfully completed the Series A round. It raised 14 billion won in an investment round in a year and a half. Not only financial investors (FI) but also strategic investors (SI) such as Estec Pharma and Soulbrain Holdings continued to participate.
According to related industries on the 25th, Bilix recently completed attracting 14 billion won in Series A investment. As a result, the cumulative amount of investment has increased to 18.5 billion won.
Billix started attracting its first investment the year after its establishment in 2018. DS Asset Management and Alpen Route Asset Management were listed as investors. In the same year, Estek Pharma became a strategic investor (SI) and bet 2 billion won.
This investment attraction took place in a year and a half. DS Asset Management, which had conducted seed investment, started follow-up investment, and Magna Investment, We Ventures, Industrial Bank of Korea, and Genaxis also participated as financial investors (FI). As a strategic investor (SI), Estek Pharma followed-on, and Soulbrain Holdings also stepped up as a new investor.
Bilix is a biotech company that develops bilirubin-based anti-inflammatory drugs, anti-cancer drug delivery systems (DDS), and contrast agents.
Bilix was founded in October 2018 by Chair Professor Jeon Sang-yong of KAIST and CEO Myung-Lip Kim, who served as Eutilex Research Center and Business Vice President, CEO of NanoEntek, and Director of SK Telecom`s In Vitro Diagnostics Business Headquarters. Professor Jeon applied for a patent based on his research for about 7 years, and Bilix secured the rights through a transfer contract. As a result, Bilix has succeeded in developing independence for bilirubin nanoparticles as well as total synthesis of bilirubin for the first time in the world, securing exclusive rights for future bilirubin synthesis.
Bilirubin is a useful substance that has strong antioxidant effects and immunomodulatory effects. However, it was not possible to develop it as a new drug due to its hydrophobic nature, which does not dissolve in water. By solving this problem, Bilix became competitive.
Currently, the primary challenge ahead is the development of treatments for ischemic reperfusion injury (IRI). To date, there are no drugs approved for the treatment of IRI. Bilix plans to develop the world`s first IRI-approved treatment and secure domestic and overseas markets. Bilix`s strategy is to quickly secure clinical efficacy in the organ transplant market with a small number of patients and then expand the market to indications with a large number of patients.
The funds raised through this round will also be used to conduct non-clinical trials of treatments for ischemic reperfusion injury.