1st Biotherapeutics closes ₩31.7 bil. Series D to accelerate pipeline, IPO prep

1st Biotherapeutics’ corporate identity

1st Biotherapeutics said Monday it has successfully closed a Series D investment round worth 31.7 billion won ($22 million). This round closed above the initially planned investment size, bringing 1st Biotherapeutics' cumulative investment raised to about 108 billion won.

Existing major investors, new financial investors, strategic partners, and the IPO lead underwriter participated in this investment round, reaffirming the market's confidence in 1st Bio's technological capabilities and growth potential, the company explained.

Smilegate Investment, an existing major investor, and the new Gureum Investment-Double Capital consortium led the investment. LigaChem Biosciences, a partner with a joint development and technology transfer option agreement, joined as a strategic investor (SI). Korea Investment & Securities, the IPO lead manager, also participated, officially marking the company's entry into the listing preparation phase, the company added.

Existing investors including Smilegate Investment and ANDA Investment Partners continued their follow-on investment, while the Gureum Investment-Double Capital consortium, Daily Partners, LigaChem Biosciences, Mirae Asset Investment Securities, CKD Venture Capital, ANDA Investment Management, Woori Investment & Securities, Wanted Lab Partners, and Korea Investment & Securities participated as new investors.

1st Bio is developing innovative new drugs focused on degenerative brain diseases and immune-oncology, enhancing R&D efficiency and success probability through its proprietary AI-based drug discovery platform. Notably, FB849, an HPK1 inhibitor, is 1st Bio's core pipeline, currently undergoing global phase 1 clinical trials. Unlike existing immuno-oncology drugs, it possesses a differentiated mechanism of action, demonstrating anticancer effects through various immune cells, not just T cells, the company said.

1st Bio was selected as a “pre-unicorn company” in the 2024 Global Unicorn Project hosted by the Ministry of SMEs and Startups, based on these research achievements and business potential. The company also has world-class R&D capabilities through strategic collaborations with LigaChem Biosciences, D&D Pharmatech, the Michael J. Fox Foundation (MJFF), and MSD.

1st Bio plans to significantly accelerate the clinical development of its HPK1 inhibitor (hematopoietic progenitor kinase 1 inhibitor) using the secured funds, while advancing subsequent pipelines, including c-Abl (Abelson tyrosine-protein kinase) and LRRK2 (leucine-rich repeat kinase 2) inhibitors. Simultaneously, it will pursue technology transfer and global commercialization of its main drug candidates.

“The decision by major financial institutions and strategic partners to commit to new and follow-on investments, even amid challenging conditions, is a result of their confidence in 1st Bio’s competitiveness and potential,” 1st Bio Therapeutics CEO Kim Jae-eun said. “We will work diligently to materialize partnering outcomes in the near term and prepare thoroughly for an IPO to leap forward as a globally competitive new drug development company.”