SEOUL, South Korea, August 22, 2022 — Avelos Therapeutics, an innovative biotechnology firm focused on discovering and developing novel drugs, has raised USD 8 million in the startup’s Series A fundraising round, garnering praise from the venture capital community.
The money will boost the company’s tailored, biomarker-driven on-therapeutics, which use the idea of synthetic lethality to target malignant cells that have long been regarded as “undruggable.” Several well-known venture capital companies supplied the funding, including SV Investment, UTC Investment, Quad Investment Management, Timepolio Asset Management, Mirae Asset Venture Investment, and Mirae Asset Capital.
The leading players on Avelos Therapeutics’ forward-thinking executive team each contribute a wealth of knowledge to their positions, aiding in the company’s rapid growth into one of the top worldwide biotechnology firms. CEO Dr. Young-Whan Park, who previously oversaw National OncoVenture (NOV), a Korean government-funded anti-cancer medication development initiative, is in charge of the group. Park was a program leader for Merck & Co. in the US before joining NOV.
Soongyu Choi, chief technology officer, who has previously led large and mid-sized pharmaceutical firms like Bayer Healthcare and PTC Therapeutics, and Kangsik Yun, head of business development, both of whom have more than 30 years of expertise in drug discovery and development, are joined by Park.
Synthetic lethality, a developing field, is the situation in which simultaneous loss of function of both genes causes cell death yet individual inactivation of either of two genes has no impact on cell viability. Cancer cells are killed when one gene is rendered inactive through deletion or mutation, while healthy cells are spared the adverse effects of the medicine. The idea of synthetic lethality has opened up new possibilities for creating innovative therapeutics without worrying about adverse side effects.
“We are convinced that Avelos will become the leader in synthetic lethality,” said Young-Whan Park. This is due to industry-leading techniques, substantial experience, and an expanding network. Our company’s motto is “Strive for a brighter Tomorrow,” and improving the quality of life for cancer patients is our highest priority.
Even though the company is still young, Avelos Therapeutics has already formed significant research alliances, such as a cooperation for a ground-breaking medication program with the Research Institute of England. In the first half of 2023, the business intends to choose preclinical candidates.
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