Cenyx Biotech Inc., a startup founded by Seoul National University Hospital (SNUH)’s neurologic professor, Lee Seung-hoon, said it has raised 4 billion won ($3.3 million) in seed funding.
Wonik Investment Partners, Daekyo Investment, Aju IB Investment, and CKD Venture Capital invested in the biotech company, after seeing a significant potential in Cenyx’ short-term and long-term growth potential, news reports said.
|Cenyx Biotech CEO Lee Seung-hoon (center) and officials of institutional investors celebrate the company’s raising 4 billion won seed funding on July 24. (Credit: Seoul National University Hospital)|
CEO Lee has been working as a neurologist at the hospital since 2005.
Witnessing unmet clinical needs as a neurologist for years, Lee has been working hard to develop new treatments and diagnostic tools by combining his expertise with nanotechnology research.
Since 2010, Lee has been studying fusion and integrated nanobiotechnology as a clinical physician participating in SNUH’s research. After achieving meaningful results during his experiment of cerium oxide nanoparticles, he established Cenyx in November 2016.
The company introduced Bacep, a subarachnoid hemorrhage treatment, and received much attention from the public and institutional investors at BIO KOREA 2019 in April.
Still being developed, Bacep is a nanobiotech agent that removes reactive oxygen species that cause excessive inflammatory reactions in the early stage of subarachnoid hemorrhage.
Bacep’s most noticeable difference from other substances is that it can remove almost all kinds of reactive oxygen species, including superoxide, hydrogen peroxide, and hydroxyl radical, the company said.
After presenting the works of Bacep at the International Stroke Conference in Los Angeles in February last year, SNUH’s researchers received Basic Science Award.
The study was also introduced in the cover article of the December 2018 issue of Stroke, the most authoritative journal in the field of stroke published by the American Heart Association and the American Stroke Association. Now, the medical community is paying attention to whether Bacep can treat patients.
“I’m pleased to complete the seed funding successfully. We are preparing not only subarachnoid hemorrhage treatment Bacep but other pipelines for unmet clinical needs. We will keep working on new drugs,” Lee said. “We will do our best to become a representative Korean biotech firm.”