finance news

Kanaph Therapeutics raises $21 million from a Series B funding round

Kanaph Therapeutics raises $21 million from a Series B funding round
Kanaph Therapeutics raises $21 million from a Series B funding round

Kanaph Therapeutics, a South Korean biotech company working in field of auto-immune, oncology, and eye diseases with small molecules and large molecules, has reportedly raised $21 million from a Series B funding round in South Korea. GC Pharma, a renowned Korean pharmaceutical company, as well as venture capital firms like Timefolio Asset Management, Kolon Investment, and others participated in this investment round. Along with the $6 million Series A investment and $2 million angel funding, the company has now successfully raised $30 million to date.

The company’s flagship products include a bi-specific Fc-fusion inhibiting alternative complement as well as angiogenesis pathways to treat retinal disorders and bi-specifics from its TMEkine platform for immuno-oncology. The company’s small molecule pipelines comprise the innovating novel small molecules that target distinct mutational signaling pathways or eradicating the immune-suppressive environment that is created by tumors.

The company targets three small molecule programs in this regard: a dual EP2/4 inhibitor, a 4th generation EGFR inhibitor that targets C797S, and a hidden target in the KRAS pathway. Of these, the first two programs will enter their preclinical stages during early 2021.

The newly raised investment will help the company to advance the clinical development of its pipelines. The eligible candidates for the development are TMEkineTM molecules for bi-specific Fc fusions to treat retinal diseases and for immuno-oncology. Recently, the company also signed a CDO agreement with Samsung Biologics to develop a retinal disease therapy, KNP-301 for the clinic.

The investment will offer a basis for the completion of preclinical trials for a several pipelines at the year-end or at the start of 2021. These pipelines would be licensed out after their preclinical packages are ready for further steps.  

The Kanaph management team has immense drug development experience in firms like Amgen and Genentech.

Source credit: https://www.prnewswire.com/news-releases/kanaph-therapeutics-closes-21m-usd-series-b-funding-301150692.html#:~:text=SEOUL%2C%20South%20Korea%2C%20Oct.,21M%20USD%20in%20South%20Korea.

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