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DigmBio completes Series A funding of 12 billion won for anticancer and brain disease drugs.
DigmBio announced on the 25th that it has completed a Series A funding round worth 12 billion won. DigmBio is a biotechnology company founded in 2020 by Kim Jeong-min, former head of Jeil Pharmaceutical's Central Research Institute.
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This investment round saw participation from Partners Investment, Meritz Securities, Samho Green Investment, Industrial Bank of Korea, Medytox Venture Investment, Cornerstone Investment Partners, and Myriad Life Sciences.
With this investment, DigmBio plans to priotize completing Phase 1 clinical trials for its lead pipeline, anticancer drug candidate, DM5167, a PARP1 inhibitor, and to begin nonclinical toxicity testing of its TASR agonist, DM3159, which is being developed as a treatment for neurodegenerative diseases.
DM5167 is a next-generation targeted anticancer drug candidate that selectively inhibits PARP1, overcoming hematotoxicity, which is a major limitation of existing first-generation PARP inhibitors. DigmBio believes DM5167 has potential as a treatment for metastatic brain tumors with BRCA mutations, based on its ability to cross the blood-brain barrier (BBB).