Digital Therapeutics Startup S-Alpha Therapeutics Raises $2.7M in Seed Funding
SEOUL--(BUSINESS WIRE)-- On November 20th, S-Alpha Therapeutics (“S-Alpha” Seung Eun Choi, CEO), a digital therapeutics startup, completed a $2.7 Million USD (3 Billion KRW) seed round of funding from Hana Ventures, STIC Ventures, AJU IB Investment, SJ Investment Partners, and TONY Investment. This seed round follows an initial strategic investment from LegoChem Biosciences in February 2020.
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S-Alpha Therapeutics completed a $2.7 Million USD (3 Billion KRW) seed round of funding from Hana Ventures, STIC Ventures, AJU IB Investment, SJ Investment Partners, and TONY Investment. (Photo: Business Wire)
Hana Ventures led the seed round funding with the expectation of high growth in the digital therapeutics market. The company intends to use funds to execute clinical trials in the US to study their development stage digital therapeutic application intended to treat eye disease.
Dr. Myung Joon Kim, Chief Medical Officer at S-Alpha, leading the team to secure proprietary technologies for the discovery and development of the pipeline and internalization of the technology, commented, “The fact that S-Alpha consists of specialists from various areas including domestic and international clinical experts, biochemistry experts, and software application development experts, collaborating to develop digital therapeutics was highly valued by the investors. S-Alpha will continue its effort to develop cutting-edge digital therapeutics in several disease areas”.
About S-Alpha Therapeutics, Inc.
S-Alpha Therapeutics Inc., established in July 2019, is a digital therapeutics company with platform technologies that enable digital devices to treat different diseases. S-Alpha has a pipeline of products in the areas of ophthalmology, neuropsychiatry, cancer, and immunology.
S-Alpha’s lead product, SAT-001, is currently in the process of regulatory submission to start clinical studies in Korea as a therapeutic device for treating eye disease following MFDS’s guidance in June 2020. S-Alpha also completed a successful meeting in July 2020 with the USFDA on developing SAT-001 and is preparing to launch clinical studies in the United States. S-Alpha has an extensive product pipeline and collaborates actively with academic and industry partners to develop their R&D programs.
S-Alpha actively engages with the global digital therapeutics community and presented at the Digital Therapeutics East Conference (DTx East 2020) in September 2020 as the first Korean company to be invited to the conference.
S-Alpha is also a member of DTA (DTx Alliance), a non-profit trade association of industry leaders and stakeholders engaged in the evidence-driven advancement of digital therapeutics.
Source: S-Alpha Therapeutics