PharmAbcine Closes USD $6 Million Series A Financing

Published: Sep 17, 2009

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DAEJEON, South Korea, Sept. 16 /PRNewswire/ -- PharmAbcine, a specialized biotech company focused on the development of fully-human monoclonal antibodies for the treatment of cancer and inflammatory diseases, announced that is has received $6 million USD in a Series A financing. OrbiMed's Caduceus Asia Partners and Novartis Korea Venture Fund co-led the round, with additional participation from an international syndicate including Green Cross, Tong Yang and Saehan Venture Fund.

"We are very excited to make the first investment by OrbiMed in a Korean company and believe that PharmAbcine is uniquely positioned with talented scientists, excellent science and meaningful product opportunities," said Dr. Nancy Chang, Chairman and Senior Managing Director of OrbiMed's Caduceus Asia Partners. "The company's Series A financing is a first where a Korean start-up was able to attract an international syndicate of quality investors. We believe that this experienced syndicate can work well and we look forward to working closely with Novartis, Green Cross, Tong Yang, and Saehan Venture Fund to build PharmAbcine into a first rate biotech company in Korea."

"This $6 million financing, with such a high-quality group of international investors, is a major achievement for PharmAbcine," said, Dr. Jin-San Yoo, CEO and founder of PharmAbcine. "We believe this investment speaks to the potential of our technology and will continue to lead the way, seeking to build a top quality biotech company in Korea."

"Tong Yang VC is very delighted to invest in PharmAbcine and to collaborate with the internationally distinguished biotech investors," said Dr. Min-Chol Shin of Tong Yang. "This round of financing would act as a significant step forward to foster its pipeline of therapeutic antibodies. And I believe that PharmAbcine will prove the unique competitiveness of its next generation platform technology as well."

About OrbiMed Advisors

OrbiMed is the world's largest healthcare-dedicated investment firm, with approximately $5 billion in assets under management. OrbiMed's investment advisory business was founded in 1989 with a vision to invest across the spectrum of healthcare companies: from private start-ups to large multinational companies. OrbiMed manages the Caduceus Private Investments series of venture capital funds and a family of public equity investment funds.

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SOURCE PharmAbcine

CONTACT: Dr. Jin-San Yoo, President & CEO, PharmAbcine, +82-42-863-2017;
or Brian Korb, Trout Group, +1-646-378-2923

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