ExoCoBio Inc. announced that it has raised a total of US $11 million in its Series A funding round, within four months of its establishment. This makes ExoCoBio the largest and fastest investment attraction in South Korea. The investment was secured from top tier South Korean venture capital firms such as SBI Investment, Atinum Investment, ID Ventures, and Dt&Investment.
ExoCoBio was established in January 2017 by reputable exosome scientists and experienced management to develop innovative biopharmaceuticals and cosmeceuticals based on stem cell-derived exosomes.
Exosomes are nano-vesicles between 30 and 150 nm, secreted by cells for intercellular signaling. They contain a variety of physiologically active substances and play key roles in important cellular processes. In particular, exosomes secreted by stem cells have been found to stimulate cellular regeneration and can be used for a wide range of tissue regeneration applications such as the growth of skin and hair. Exosomes have recently been a hot topic in biotechnology, and many are investing heavily in the commercialization of exosomes.
Byong Cho, CEO of ExoCoBio said, “Our exosome technologies are innovative and first-in-class. Our exosomes have the effect of regenerating a variety of tissues such as skin and adipose, making them superior to existing cosmeceuticals. The technology to regenerate adipose tissue under skin can provide a new solution for wrinkle removal in the face, neck, hands, and other parts of the body and replace the botulinum toxin and dermal fillers. It is the world’s first biological product to activate your own adipose tissue. This large-scale investment will be the keystone to developing exosome-based cosmeceuticals and biopharmaceuticals.”
Joonhyo Lee, CIO of SBI Investment said, “We have decided to invest in ExoCoBio because it has great exosome technologies and top management with two successful biotech IPO experiences. In the near future, we will have a world-class exosome biotech company.”
Hyung Kyu Lim, managing director of ID Ventures, said, “ExoCoBio’s core technologies have been patented and it is building strong entry barriers. It will become a global leader in the exosome industry.”
ExoCoBio has raised a total of approximately US $13.5 million and is planning to establish R&D and GMP facilities to commercialize exosome-based cosmeceuticals. In the long term, ExoCoBio plans to develop innovative exosome-based biopharmaceuticals for major diseases with unmet medical needs.
Source – PR Web