Inventage Lab, a drug delivery platform company, announced on the 8th that it has raised a total of 98.5 billion won ($69 million) in funding.
The company initially targeted 80 billion won in capital raising but secured investment demand exceeding the target by 123% amid strong interest from institutional investors. A significant number of existing investors who participated in mezzanine investments during the pre-IPO period and after listing rejoined this funding round.
Participants in this investment include venture capital firms with expertise in the bio sector such as Plexus Partners, Timefolio Asset Management, StoneBridge Ventures, Starset Investment, Aju IB Investment, Mirae Asset Venture Investment, IMM Investment, BNH Investment, Woori Venture Investment, and Medici Investment, along with domestic institutional investors and overseas investors including Oasis Management and Deltaflex Capital.
The raised funds will be used for research and development, operating capital, and facility investment. In particular, the company plans to accelerate commercialization of its long-acting injectable platform "IVL-DrugFluidic" and its biopharmaceutical subcutaneous formulation platform "IVL-BioFluidic." A portion of the secured investment will also be used to expand manufacturing facilities at the Curatis Bioplant located in Osong, North Chungcheong Province.
"Based on the secured funds, we will accelerate the advancement of our DDS platform and simultaneously pursue the establishment of GMP production infrastructure," said Kim Ju-hee, CEO of Inventage Lab.