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South Korea’s D&D Pharmatech Secures $51M Series C, Eyes 2022 IPO
South Korea’s D&D Pharmatech has completed a $51 million Series C funding. The company also announced its plan for an IPO in South Korea in 2022, while pre-IPO round funding will be used to advance clinical trials for diabetes, nonalcoholic fatty liver disease, and neurodegenerative diseases.
The latest round was led by Praxis Capital Partners, with participation from other investors including DS Asset Management, Kudos Ventures and Korea Investment & Securities. In an earlier Series B in August 2019, D&D raised $137.1 million.
Use of the Proceeds
The cash will be used to support D&D’s clinical trials in three ways. First, it will push DD01, a treatment for diabetes and nonalcoholic fatty liver disease, into Phase 2. DD01 is a dual agonist of GLP-1R and glucagon receptor (GCGR). Animal studies show that DD01 causes weight loss, reduced liver fat, and better glucose tolerance in mice.
Secondly, the company will continue the Phase 2 studies of NLY01 for Parkinson’s and Alzheimer’s disease. NLY01 is a long-acting, microglia-targeted glucagon-like peptide-1 receptor (GLP-1R) agonist. The drug candidate can penetrate the blood-brain barrier and prolong the neuron cell lifespan, improving the cognition of Parkinson’s and Alzheimer’s patients.
Thirdly, D&D will proceed with preclinical studies of TLY02. TLY02 targets myofibroblasts, the originator of fibrotic diseases. Fibrosis causes various disorders ranging from systemic sclerosis, chronic pancreatitis to cancers.
“We look forward to the ongoing advancement of our clinical candidates in a diverse range of diseases with significant unmet need and the expansion of our pipeline with potentially game-changing therapeutics, ” said Yoo-Seok Hong, CEO of D&D.
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