G2GBio, Raises KRW 21.8 Billion in Pre-IPO Funding, Accumulates KRW 58 Billion in Total Investments, Accelerates Listing Process for Next Year

Korea-based pharmaceutical development company G2GBio announced on the 17th that it recently concluded pre-IPO (pre-initial public offering) with a total investment of 21.8 billion KRW. The cumulative amount of funds raised so far amounts to 58 billion KRW, marking an exceptional achievement considering the current financial challenges faced by bio-companies.

Breaking down the pre-IPO investments by category, it includes Series A (KRW 8 billion), Series B (KRW 11.4 billion), Bridge (KRW 2.2 billion), and Series C (KRW 14.6 billion). The investment comes from various entities, including Atnium Investment, Capsstone Partners, Tiger Asset Management, BNK Venture Investment, Daily Partners, Mirae Asset Securities, Roy Investment Partners, Laplace Partners, Square Ventures, JSJ Investment, MiraeBio, and KifronBio, totaling 12 corporations and individual investors.

G2GBio plans to utilize the newly acquired investment funds for the research and development expenses, including clinical trials and scaling up its pipeline under development, as well as for operational funds

CEO Lee Hee-yong expressed gratitude to the investors who believed in the company's growth potential, stating, "Next year, through the IPO, we will focus on clinical research for key pipelines such as dementia treatment and diabetes and obesity treatment, and actively pursue commercialization."

Established in March 2017 by CEO Lee Hee-yong, who has over 30 years of experience in new drug development, technology transfer, and commercialization, G2GBio is a life science company that has achieved remarkable success in the field of sustained drug efficacy.

The company focuses on the development of pharmaceuticals that can sustain drug efficacy in the body for several months based on its proprietary InnoLAMP (Innovative Long-Acting MicroParticle) platform technology, for which it holds numerous patents.

This technology is applicable to a wide range of drugs, including peptide drugs, small molecule drugs, and antibody drugs, showcasing significant business scalability.

Furthermore, G2GBio has garnered significant market expectations for its research on obesity treatment, a topic of global interest. The company specializes in the compound 'Semaglutide' (GLP-1 analogue), known for its inclusion in Novo Nordisk's obesity treatment drug 'Wegovy.' G2GBio possesses core technology and know-how that enables sustained drug efficacy for over a month, surpassing the conventional one-week sustained-release drugs.

Additionally, G2GBio entered into a collaboration agreement with a global pharmaceutical company in January of this year, actively pursuing technology exports for one-month and 2-3 month sustained-release diabetes and obesity treatments. The company also signed a comprehensive Master Services Agreement related to commissioned development services with another global pharmaceutical company in April and recently secured a contract for the first phase of formulation development services.