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Korean startup Astrogen raises $7.5 million for AI application in drug design

13 2022-01-25
Astrogen Ltd., a Korean biotech startup that is developing new drugs for intractable neurological diseases,
raised 9 billion won ($7.5 million) in Series B bridge funding, according to the investment banking (IB) industry on Monday.

[Source:  Astrogen Ltd.]
[Source: Astrogen Ltd.]

The latest was Astrogen’s third funding round in less than a year after the last round. It first raised money in November 2019 by issuing 5 billion won in redeemable convertible preferred stock (RCPS) during a Series A round. In December 2020, it raised 13 billion won in a Series B funding. Bridge financing “bridges" the gap between official funding rounds to help companies secure funds before the next round. Hi Investment & Securities, a member of DGB Financial Group, newly joined this round.

Astrogen will use the new funds on research and development (R&D).

The company is set to carry out Phase 2 clinical trials for its autism spectrum disorder (ASD) treatment and plans to expedite Phase 1 clinical trials for Alzheimer’s disease (AD) treatment. It also plans to improve trials for neurological disease drug candidates with electrophysiological assessments.

Earlier this month, Astrogen and Iktos, a French company that specializes in using artificial intelligence (AI) technology for drug design, has entered into a research collaboration agreement to discover and develop innovative small molecule pre-clinical drug candidates for Parkinson's disease.

Astrogen was founded in 2017 and is currently led by its CEO Hwang Su Kyung, who is also professor at Kyungpook National University's School of Medicine.


[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
By Kang Woo-seok and Susan Lee