Chong Kun Dang invests ￦5 billion in Biorchestra14 January 2020
Chong Kun Dang Holdings said that would invest 5 billion won ($4.1 million) in Biorchestra to develop an Alzheimer's treatment and diagnosis device based on micro RNA.
By Lee Han-soo Published 2019.08.21 16:42 Updated 2019.08.21 17:11
Chong Kun Dang headquarters in Seodaemun-gu, Seoul.
Chong Kun Dang Holdings will purchase conversion preferred stocks worth 5 billion won issued by Biorchestra and secure an Alzheimer's portfolio.
The two companies also plan to develop a treatment for Parkinson's disease and Lou Gehrig's disease.
Chong Kun Dang said its decision to invest in the Biorchestra's carrier platform technology came after confirming the effect of micro-RNA-based Alzheimer's treatment in animal experiments, and the possibility of developing it into a diagnostic device.
Biorchestra is a bio venture with strength in RNA-based drug-developing technology. It is now developing BMD-001, a candidate drug for Alzheimer's using micro RNA interference technology.
BMD-001 is a new drug with multiple target mechanisms that remove toxic proteins and inhibits immune cell inflammatory responses by activating the macrophages of brain immune cells through the blood-brain barrier using the company's in-house developed drug carriers.
"We will advance into micro-RNA-based bio-drug business by securing Biorchestra's excellent technology and drug candidates," Chong Kun Dang CEO Rhee Jang-han said. "In the future, our company will accelerate open innovation by discovering and investing in new technologies in the biopharmaceutical field."
Biorchestra CEO Ryu Jin-hyeob also said, "Based on Chong Kun Dang's strategic investment, we will focus on visualizing the results of ongoing R&D projects."
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