CrossPoint Therapeutics, a Korean biotech firm specializing in the development of stealth body-based drug conjugates and dual immune anti-cancer drugs, has been awarded the Deeptech TIPS from the Ministry of SMEs and Startups of Korea. The selection was announced on the 8th.

Deeptech TIPS offers up to KRW 1.7 billion (approximately USD 1.27 million) in support by pairing government funds with private investment firms to aid promising startups in 10 emerging industries, including the development of new bio-drugs. The funding level is three times that of the standard TIPS, focusing on intensively supporting companies that possess breakthrough technologies.

CrossPoint possesses a stealth-body platform technology that eliminates the Fc functional group from antibodies, developing a range of anticancer therapies. These include cancer cell-targeting antibody-drug conjugates (ADCs) and dual-action immuno-oncology drugs, both at the forefront of new cancer treatment trends.

The company’s stealth-body antibody technology addresses critical unmet needs in drug development. This technology prevents the binding of antibodies to immune cells, enhancing drug delivery efficiency to targeted areas and minimizing potential side effects. This advantage is particularly significant in ADCs. Since the introduction of stable linkers in 2020, ADCs have seen an 80% failure rate due to side effects, and about 50-60% of approved ADCs experience severe side effects, making their use as primary or combination treatments challenging.

CrossPoint recently garnered industry attention by presenting early research findings at World ADC ASIA 2024, demonstrating that stealth-body technology could reduce side effects and increase efficacy.

CrossPoint has secured investments from InfoBank, Korea Omega Investment, BigBang Angels, and the KITE Entrepreneurship Foundation. Kim Cheol-hwan, CEO of the Kite Entrepreneur Foundation and advocate of this Deeptech TIPS, remarked, “The most significant aspect of CrossPoint’s Stealth-Body technology is its versatility across various drug modalities.” He further noted, “Through the Deeptech TIPS project, we will validate the superior capabilities of this platform technology, which we believe will greatly enhance CrossPoint’s investment appeal.”

Kim Tae-eok, CEO of CrossPoint Therapeutics, commented, “Being selected for the Deeptech TIPS program, which supports early-stage companies with exceptional technology, will significantly aid our initial growth phase. We aim to rapidly complete concept verification in monkeys, targeting areas where we can simultaneously realize the technology’s benefits.”