Korean biopharmaceutical company Novelty Nobility has secured KRW 23.3 billion (approximately USD 16.8 million) in a pre-IPO Series C funding round. The firm aims to file for a KOSDAQ listing in January 2025 and plans to go public within the same year.

The funding round saw participation from existing investors such as Shinhan Venture Investment, Samho Green Investment, SL Investment, and Solidus Investment, along with new investors Brave New Investment and KDB Capital.

The funds will be used for clinical operations of ‘NN3201’ and the discovery of new target candidates. NN3201, an antibody-drug conjugate (ADC) targeting c-Kit developed by Novelty Nobility, has received FDA approval for Phase I clinical trials in May, targeting first patient dosing in the first half of the next year.

Novelty Nobility specializes in fully human antibody discovery and protein engineering. The company is developing various therapeutic modalities, including monoclonal antibodies, antibody-drug conjugates, and bispecific antibodies, based on its own antibody discoveries.

The company continues to collaborate with biotechs specialized in small molecule drugs to develop new antibody-drug conjugate technologies and is also co-developing a treatment for dry age-related macular degeneration with GC Green Cross.

CEO Park Sang-kyu stated, “With the secured funds, we will focus on obtaining significant clinical results and enhancing the potential for additional technology exports. We are also fully committed to ensuring a successful KOSDAQ listing next year.”