CJ Healthcare, Invested in promising bio venture through 'Bio Healthcare Fund'
March 7, 2017
CJ Healthcare, Invested in promising bio venture through 'Bio Healthcare Fund'
- Invested 2 billion won in Newracle Science Corp, which is under development of anti-dementia antibody new drug
- CJ Healthcare, in January of this year, formed a bio healthcare fund with the purpose of investing in bio venture and technology with TWI
CJ Healthcare (CEO Kang Seok-Hee) announced on March 7 that it has invested 2 billion Won in bio-venture company Newracle Science (CEO Kim Bong-Cheol, hereinafter Newracle) through Bio Healthcare Fund on March 3.
‘Bio Healthcare Fund’, operated by TimeWise Investment (hereinafter TWI), was formed in last January. The fund aims to create an industry ecosystem where pharmaceutical companies and ventures can coexist and to meet the global trends. Also, the fund’s goal is to establish 'direct investment fund of pharmaceutical companies' and for 'revitalizing open innovation'.
The fund is based on CJ Healthcare's R & D expertise in pharmaceuticals and investment expertise in TWI and will be run at a total of 15.2 billion Won.
Newracle, the first investment after the formation of the fund, is a venture founded on the technology of professor Sung, Jae-Young of Korea University Medical School. It is developing neurological disease antibody therapy and diagnostic devices with the main target of dementia, a disease that has no definite cure yet.
In recognition of its technological expertise, it has been selected as a project for the development of new drugs in the last year for Korea Drug Development Fund throughout all periods of time. Currently, selection of the final candidate substance is under way through an efficacy test using an animal model.
The investment in Newracle will be a good example of discovering promising technologies and expanding opportunities for partnering with pharmaceuticals and ventures.
Meanwhile, CJ Healthcare is steadily expanding its open innovation activities with domestic and overseas venture companies. As part of this, CJ Healthcare has signed an equity investment and business alliance contracts with biotech venture companies, 'PanGen Biotech' and 'YBio Logics.'
CJ Healthcare plans to more actively invest in promising ventures and technology with the formation of this fund and investment in Newracle.