Thor Therapeutics lands Series A backing from Alteogen, LigaChem founder's fund
What's the deal? Thor Therapeutics, a Korean biotech developing a cancer cachexia treatment, has closed the first tranche of its Series A round. AlteogenDealroom has a profile for this one. Try Dealroom → joined as a strategic investor alongside The Iroun Partners — the fund set up by LigaChem BioDealroom has a profile for this one. Try Dealroom → founder Kim Yong-ju — and an investment vehicle tied to the Bio Healthcare Association. The company did not disclose the round size or individual stakes.
What's the endgame? Thor will spend the money on preclinical work, chemistry, manufacturing and controls, and preparing an investigational new drug (IND) application for its lead candidate, THOR-017. The antibody blocks the GFRAL receptor to curb the appetite loss and muscle wasting seen in cancer patients.
Spun out of KAIST in 2022 and led by professor Song Min-ho, Thor published supporting research in Science Advances . In mouse models, the underlying antibody improved appetite, body weight, and some muscle and strength measures.
Why now? The company plans a second Series A closing by March, with some follow-on investors already signalling interest. It said the total raised and each investor's contribution will be revealed at that point, as it continues talks with domestic and overseas venture capital and strategic backers.
What's the endgame beyond the clinic? Thor aims to run global clinical development focused on muscle preservation, test THOR-017 in combination with immuno-oncology drugs, and pursue co-development or licensing with global pharma. It also named three overseas scientific advisers: EPFL professor Johan Auwerx, biotech investment specialist Kwon Myung-ok, and Evotec senior vice president Thomas Hanke.
The signal: Korean biotech funding has already topped last year's full-year total through September, but capital is clustering around companies with clinical proof points or licensing potential. With no figures disclosed yet, the weight of this round sits less in its size than in who showed up — industry founder capital and a strategic partner lining up behind an early-stage candidate.
Read more: news.bizwatch.co.kr
Image credit: Generated with Gemini
