According to sources on Sunday, the U.S. biotech firm dedicated to central nervous system drugs, recently completed a $30 million series II funding round led by K&T Partners. Other Korean investors participated in the funding round include Hana Financial Investment, Arche Investment, SK Securities, KB Securities, M Capital, Shinhan Investment, Partners Investment
Cerecin founded in 2001 produces Ketasyn which is a molecule for Alzheimer's, Parkinson's, and other age associated memory impairments.
The company expects the latest investment will help accelerate its Phase 3 clinical trials of Alzheimer’s patients and Phase 2 trials of migraine patients around the world. Cerecin already named Hana Financial Investment as its underwriter for an IPO on the Korean secondary Kosdaq.
Cerecin plans to attract an additional 100 billion won in a pre-IPO funding round next year.
K&T Partners chief executive Kim Ki-gap, who was named as a new board member of Cerecin, said the investment by Korean institutional investors into promising overseas biotech firms like Cerecin and their IPO in Korea represents an bio investment market in Korea.
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