Worg Pharmaceuticals Co. Ltd. raised nearly ¥400 million (US$55.6 million) in its series B financing. Founded in 2018, the company is developing immunotherapies to treat allergic and autoimmune diseases and other indications based on its two technology platforms, Pcfit and Apitope.
South Korea's LG Chem Ltd., seeking new growth opportunities in the life sciences and a concrete footprint in the U.S., has proposed an all-cash acquisition of Aveo Pharmaceuticals Inc., with a deal value of $519.2 million.
South Korea’s drug regulator should consider revising orphan drug definitions or allow more new innovative drugs to be excluded from pharmacoeconomic assessments, which are required for new drugs to be reimbursed under Korea’s single-payer system, the European Chamber of Commerce in Korea said.
Aim Biotech Pte. Ltd. has launched a lab tool that can closely model human disease. The organic system can add vascularization and immune competence to organoids, spheroids and tumor biopsies. This allows for the creation of a more defined and tunable microenvironment that more closely emulates the complexity of human physiology.
PT Etana Biotechnologies Indonesia secured a series B financing of undisclosed value, led by Chinese investors that include Jack Ma’s Yunfeng Capital and Highlight Capital. The funds will be used to strengthen the company's pipeline and to expand its local manufacturing capacity.
Shenzhen Proxinse Medical Technology Co. Ltd. raised an undisclosed amount in a series A financing to develop endoscope-related products. This round of financing was led by Guangdong Technology Financial Group Co. Ltd.
Pharus Diagnostics Inc. emerged from stealth mode to streamline precision medicine-based cancer screening with its new multi-cancer early detection liquid biopsy test. Spun out from Hsinchu, Taiwan-based Quark Biosciences Taiwan Inc. in July 2022, Pharus is developing solutions to detect cancer early via Oncosweep, its multi-cancer early detection (MCED) liquid biopsy test that evaluates microRNA (miRNA) within the body.
Jenscare Scientific Co. Ltd. has raised HK$225 million (US$29 million) in an initial public offering on the Stock Exchange of Hong Kong. Its shares opened at HK$28 per share, increased by over 9% in the middle of the day and closed at HK$28.25 on the first trading day of Oct. 10.
Australia’s TGA has opened a consultation on drug-device combination products to help sponsors understand the regulatory pathway through which their products will likely pass since these combination products may not fit within existing definitions for drugs, biologicals or medical devices.
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