NEWS Date : Apr 16, 2021
Seoul, Korea – NEXEL Co., Ltd., has successfully raised USD 15.6 million (KRW 17.5 billion) in a bridge round, bringing total capital raised to USD 27 million (KRW 30.3 billion).
The funding round was led by new investors, including NH Investment & securities, KDB Capital, Friend Investment Partners, eBEST Investment & Securities, SL Investment, and BSK Investment. The round was also backed by existing investors UTC Investment, Medici Investment, Platinum Technology Investment, and COMES Investment.
The new funding will primarily be used for the clinical development of NP-011, an anti-fibrotic new drug pipeline targeting alcoholic hepatitis and myocardial infarction. NEXEL plans to start the phase I clinical trial within this year.
The funding will be invested in the preclinical development of NPT-002, a newly discovered pipeline targeting idiopathic pulmonary fibrosis, and in both R&D & manufacturing infrastructure of existing hiPSC-derived cell products with a focus on up-scaling.
Since its series B funding round in 2019, NEXEL has expanded NP-011’s indication list from liver fibrosis to alcoholic hepatitis and myocardial infarction, and added its second pipeline NPT-002, an anti-pulmonary fibrosis treatment. Most recently, NEXEL has registered the US patent for NP-011 this February.
In parallel with the new drug development, NEXEL is focusing on its cardiac toxicity screening service (NeXST) that uses hiPSC-derived cardiomyocytes and is the only Korean company participating in the soon-to-be implemented ICH guideline S7B revision on cardiac safety pharmacology. The NeXST service preemptively utilizes the revised protocol of ICH guidelines to provide accurate testing for drug developers. Despite the COVID-19 pandemic hindering sales activities, NEXEL also reported a significant increase in YoY Cardiosight-S sales for Q1, with foreign pharmaceutical companies accounting for most of the growth.
Dr. Choongsung Han, CEO of NEXEL Co., LTD., said “The new funding will be actively invested in our drug development and cardiac toxicity screening service, ensuring a successful transition to our IPO.”