On July 24, 2023 Upthera Co., Ltd. (CEO Si-Woo Choi), a company specializing in the development of innovative new drugs based on Targeted Protein Degradation (TPD) technology, reported that it has secured a Series B bridge investment worth 10 billion won from YuanBio Venture Capital, a renowned bio-specialized VC based in China.

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Since its establishment in 2018 with the vision of "connecting hope to out-of-reach patients, synthesizing possibilities, and breaking down despair" using TPD technology, Uptera has raised a total of 53 billion won in investment. This follows investments of approximately 2.6 billion won in Pre-Series in 2019, 12.7 billion won in Series A in 2020, and 28 billion won in Series B in 2022, with an additional 10 billion won raised in a Series B bridge round approximately one year later. Furthermore, the company has signed a lead underwriter agreement with Daishin Securities and is preparing for an initial public offering (IPO).

YuanBio Venture Capital, the sole participant in this bridge investment, is a specialized bio and healthcare investment firm established in 2013 that has grown into one of the top 10 venture capital firms in China, focusing on early-stage and growth-stage companies. Notably, it has invested in approximately 170 companies to date, and 19 of its portfolio firms have listed on the NASDAQ and Hong Kong stock exchanges, generating significant investment returns and earning recognition as the leading bio-specialized VC in China. Currently, YuanBio is a large venture capital firm with assets under management amounting to approximately $1.3 billion (approximately 1.7 trillion KRW).

YuanBio is known to have invested with expectations regarding the global technology transfer potential of the TPD-based PLK1 degradation anticancer drug being developed by Upthera, the originality of subsequent Degrader drug pipelines, and the scalability of the novel E3 ligase platform technology.

Uptera’s anticancer drug pipeline that degrades PLK1 was selected for the National New Drug Development Project in September 2022, and is currently conducting preclinical studies for regulatory approval to enter clinical trials with the U.S. FDA. In addition, a follow-up anticancer drug pipeline that degrades AURKA protein was selected for the National New Drug Development Project in 2023. As both projects are anticancer drugs targeting proteins related to the cell division cycle, Uptera expects to be able to enter material optimization and preclinical studies for the AURKA Degrader more quickly than before, based on its experience in researching and developing PLK1 Degraders.

In addition, for subsequent new drug pipelines, joint research and development is being conducted with Yuhan Corporation and Boryung Corporation, and furthermore, based on the company’s independently established UPPGRADER (selection of novel E3 ligases promising for TPD access) and UPPBEAT (discovery of novel binders functional to selected E3 ligases), research is being conducted on the discovery of platform binders functional to novel E3 ligases.

Jacky Chen, CEO of YuanBio Venture Capital, stated, "Upthera holds a leading position in the global TPD field, and we highly value its innovative and differentiated R&D capabilities. The PLK1 Degrader is expected to overcome the inherent disadvantages of PLK1 small molecule inhibitors through the strengths of TPD, and the platform technology established by the company has the ability to discover new E3 ligases, which provides a clear advantage for future pipeline expansion."

Uptera CEO Choi Si-woo stated, "We plan to invest the raised funds in clinical studies of the PLK1 Degrader pipeline, optimization studies of subsequent new drug pipelines, and research on the Novel E3 ligase platform pipeline." He added, "In the short term, we aim to achieve commercialization results through the global technology transfer of the PLK1 Degrader pipeline, and in the long term, we plan to grow into a global TPD specialized drug development company by proactively investing in the Novel E3 ligase platform binder, which is set to become a core growth engine for the TPD industry."

(Press release, Uppthera, JUL 24, 2023, View Source [SID1234664780])