Connext, a South Korean specialty biopharmaceutical developer, has successfully closed a Series C funding round, raising approximately $10.02M (KRW 15 billion) to accelerate the development of its lead pipeline candidate and expand into global markets.

The round drew participation from both financial and strategic investors. Returning backer ES Investor joined new financial investors Premier Partners, Murex Partners, Soo Investment Capital, and The Next Lab to complete the round.

A defining feature of this round is the strategic investment by PharmaResearch, a company specializing in regenerative medicine and aesthetics with established global commercial capabilities. The partnership goes beyond the existing license agreement for Connext’s lead pipeline asset CNT201, deepening the collaboration into an equity-based, long-term partnership. Together, the two companies plan to pursue an open innovation strategy that combines Connext’s recombinant protein R&D and manufacturing expertise with PharmaResearch’s global commercialization reach. Their joint efforts will target successful commercialization of CNT201, expansion into additional indications including cellulite, and co-development of next-generation protein-based biopharmaceuticals.

Connext will deploy the proceeds entirely toward advancing CNT201 and developing new pipeline assets. The company aims to rapidly complete its Phase 2 clinical trial in Australia for Dupuytren’s contracture, initiate manufacturing of Phase 3 clinical trial materials, and begin early-stage clinical development for the cellulite indication. Given the significant global unmet medical need for alternatives to surgical intervention, Connext plans to accelerate global business development following a successful Phase 2 readout.

The company has also been selected for the Seoul BioHub’s “2026 BIO USA Support Program” and will attend the BIO International Convention in San Diego in June, where it plans to conduct investor IR sessions targeting global pharmaceutical companies and investors to broaden partnerships for CNT201.

Mun Se-young, Managing Director at ES Investor, expressed confidence in the asset: “CNT201 is a best-in-class candidate differentiated from Xiaflex, an FDA-approved drug with the same mechanism of action. We have high expectations for its potential in global markets, backed by superior formulation and clinical advantages.”

Woo-jong Lee, CEO of Connext, said the close reflects strong market validation: “Successfully closing this Series C in a challenging biotech investment environment is a firm acknowledgment from the capital markets of our pipeline’s differentiated technology and commercial value. With the support of our financial and strategic partners, we are committed to completing the Australia Phase 2 trial and growing into a global biotech company.”