It is difficult to secure domestic funding for bio ventures

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KDDF Supports Next-Generation Drug ADC Project

Head of KDDF, Muk Hyun-sang, is presenting major business plans for this year.

 

(Photo: Dailypharm)

"It is not easy to change KDDF's funding method.

 

It is possible to raise funds only when investors flock to it, but in order to attract funds from the United States, we are planning an event to invite major US VCs to invest in Korean bio ventures in July.

 

are doing." Muk Hyun-sang, head of KDDF, made this announcement at a press conference held on the 5th at the Korea Chamber of Commerce and Industry's mid-sized conference room in Jung-gu, Seoul to mark the 2nd anniversary of KDDF's launch.

 

Director Muk Hyun-sang explained, "I thought KDDF funds were priming water," and explained, "If you support about 10% of the necessary R&D costs, the company has raised 15 billion won by itself, but it is currently difficult." "It is difficult to increase the amount of money that can be supported by KDDF," he said.

 

"We are looking for a way to get funds from the outside.

 

The US VC invitation event plan is one of the ways to connect financing." KDDF plans to invest a total project cost of 2.1758 trillion won by 2030.

 

The business goals are 60 global technology transfers worth 20 billion won or more, 35 cases worth 100 billion won or more, 4 new drug approvals from the FDA and the EMA, and the creation of one global blockbuster new drug with annual sales of 1 trillion won or more.

 

Director Muk said, “The business carried out by KDDF cannot be seen as a general state-sponsored new drug development project.” there is, and if a company is short of funds, KDDF should create an opportunity to raise funds." KDDF is also planning to carry out 'ADCaptain' to support the ADC project, which is considered a next-generation treatment this year.

 

KDDF plans to prioritize pipelines targeting pancreatic cancer, ovarian cancer, and triple-negative breast cancer among solid cancers and strengthen support through the ADCaptain project.

 

It plans to provide R&D subsidy through investment without equity dilution and support up to 20 million dollars by 2025.

 

From this year to next year, it plans to establish a joint operating committee through cooperation between participating companies and investment companies in the form of a virtual company.

 

A science development advisory committee will also be operated.

 

KDDF plans to select three tasks as leading material development tasks and support 800 million won each for two years.

 

When it enters the development stage after 2024, it plans to establish a corporation and distribute shares.

 

The CEO will be nominated by the company in charge of clinical development.

 

The chairman of the board of directors is appointed by KDDF.

 

R&D funds will be raised through KDDF R&D subsidy, global VC investment, and government fund investment.

 

The required investment is expected to be 24 million dollars.

 

Director Muk said, "It has become KDDF's mission to raise funds.

 

We submitted a budget plan related to new drug development worth 250 billion won to the Abu Dhabi Investment Authority through the Ministry of Strategy and Finance, and we will contact Singapore's Temasek."