Trior raises $24.9M Series C to advance ADC drug platforms
What's the deal? South Korean drug developer Trior has raised US$27.7M in a Series C round, bringing its total funding to US$64.6M. The round closed in two tranches: US$20.1M from new investors, and US$7.55M from existing backers.
Who's in? The Korea Development BankDealroom has a profile for this one. Try Dealroom → led with US$10.1M, followed by DS Asset ManagementDealroom has a profile for this one. Try Dealroom → at US$4.19M, both drawing on the National Growth Fund. Other new investors included HB InvestmentDealroom has a profile for this one. Try Dealroom →, Sei Jiwon Partners, Tess Investment Partners, and Honeypot Ventures.
The follow-on: Existing backers Woori Venture PartnersDealroom has a profile for this one. Try Dealroom →, LSK InvestmentDealroom has a profile for this one. Try Dealroom →, Shinhan CapitalDealroom has a profile for this one. Try Dealroom →, and Snickick Investment also joined the round.
What's the endgame? Trior builds two platforms: TROCAD, a dual-function masking system to improve the therapeutic index of antibody treatments, and TROSIG, a linker and payload platform to boost the stability and efficacy of antibody drug conjugates (ADCs). It uses both to develop antibody and ADC drug candidates.
What's the money for? The company plans to fund preclinical and clinical development of its leading candidates and widen its platform's application. It is also pursuing joint R&D and technology transfer with biotech and global pharmaceutical companies.
DS Asset Management said it backed Trior because it is "a company with high growth potential in the global market based on its own ADC platform technology and competitive pipelines." Chief executive officer Woo Sung-ho said the company would "accelerate the development of core platforms and major pipelines, and expand commercialization opportunities."
The signal: State-linked capital — the Korea Development Bank and National Growth Fund — anchoring a biotech round points to public backing for Korea's push into ADCs, one of oncology's most active drug-development areas.
Read more: mk.co.kr
Image credit: Generated with Gemini
