Several unlisted South Korean biotech companies, achieving commercialization milestones in 2024, secured significant investments from venture capital (VC) firms. Notable examples include GeneEdit (Series B, $35 million), Aimed Bio (Series B, $27 million), Ubix Therapeutics (Pre-IPO, $17 million), Pine Tree Therapeutics (Series A, $16 million), and Novelty Nobility (Series C, $16 million). HitNews analyzed their recent activities.

GeneEdit, a gene therapy company, raised $35 million in its Series B round, led by DSC Investment and joined by multiple investors, including Woori Venture Partners and Korea Investment Partners. This round attracted new participants like Stick Investment and Top Harvest, alongside follow-on contributions from existing investors such as IMM Investment and Sequoia Capital.

Founded in 2016 by UC Berkeley-trained biotech Ph.D. Dr. Keunwoo Lee, GeneEdit specializes in developing gene therapeutics using its proprietary NanoGalaxy platform. In January, the company entered a co-development and licensing agreement with Genentech (Roche group) to develop autoimmune disease treatments, highlighting its AI-enabled, targeted delivery technology.

Aimed Bio completed a $27 million Series B round led by Samsung Life Science Fund and Intervest, with contributions from new investors like DS Asset Management. Known for its focus on ADC oncology therapies and brain disease treatments, Aimed Bio will use these funds to advance clinical trials for ADC drug candidates and develop its lead pipeline asset, AMB302, an FGFR3-targeting therapy for bladder and head and neck cancers.

Ubix Therapeutics, specializing in targeted protein degradation (TPD), secured $17 million in pre-IPO funding. Its pipeline includes eight programs, with UBX 303-1 receiving Phase 1 trial approval from both the FDA and Korea's MFDS. The company also signed a $102 million licensing deal with Yuhan Corporation for UBX-103, a prostate cancer treatment.

Pinetree Therapeutics raised $16 million in a Series A round led by Stick Investment. The Cambridge-based company also signed a global licensing deal with AstraZeneca for a preclinical EGFR degradation candidate, leveraging its proprietary 'AbReptor' platform.

Novelty Nobility completed a $16 million Series C pre-IPO round in November, with plans to apply for a KOSDAQ listing in early 2025. The funding round saw participation from both existing and new investors, furthering the company's antibody drug development programs.

This year, investments in five prominent unlisted biotech companies that captured the attention of venture capital (VC) firms were concentrated in mid-to-late-stage funding rounds, ranging from Series A to pre-IPO stages. Industry experts anticipate that mid-to-late-stage investments will remain active next year, as companies in these stages are more likely to demonstrate clinical trial success and offer higher potential for exit opportunities for investors.

An industry insider, speaking anonymously, commented, "Mid-to-late-stage investments are likely to stay robust. Late-stage companies, in particular, build trust with both existing and new investors through validated technologies, which can attract additional funding. The capital focused on late-stage biotechs contributes to creating global commercialization success stories."

The insider also noted, "If late-stage biotech companies succeed in initial public offerings (IPOs) or mergers and acquisitions (M&As), they could serve as catalysts for the growth of the South Korean biotech industry. Additionally, a more active IPO market in the biotech sector could further increase pre-IPO investment cases in the future."