Korean biotech company GeneCraft has successfully closed a Series A funding round, raising KRW 10 billion. Key investors include Seoul Techno Holdings, InfoBank, and Cosine Investment.

GeneCraft was founded in August 2020 by a research team led by Professor Bae Seok-cheol of Chungbuk National University Medical School. With 30 years of research into the cancer mechanisms associated with lung cancer onset, GeneCraft specializes in developing gene therapy treatments. Currently, they are advancing their proprietary KRAS lung cancer gene therapy pipeline, ‘RX001,’ and aim to initiate Phase 1/2a clinical trials within this year. Additionally, GeneCraft has developed a high-efficiency AAV (Adeno-Associated Virus) vector technology, enabling the custom creation of gene therapies. They are expanding their operations to include Contract Research Development Organization (CRDO) services using this technology.

CEO Bae Seok-cheol of GeneCraft commented, “Despite the challenging investment climate in the biotech industry, we successfully secured funding, thanks to the investors who believed in our company’s vision and technology. The funds from this investment round will be utilized for drug production necessary for Phase 1 clinical trials and to further develop our CRDO business.” GeneCraft has already completed discussions with the Korea Food and Drug Administration and is preparing to submit an IND (Investigational New Drug) application in the first half of this year, based on additional data in compliance with the recommendations.

Apart from this round of funding, GeneCraft is currently in talks for follow-up investments with global investors. They expect that leveraging the multinational networks of these investors will accelerate the globalization of their business.