Seoul-Based Biotechnology Company to Use Financing for Expanding Oncology Drug Discovery and Development
SEOUL, South Korea, Aug. 22, 2022 /PRNewswire/ -- Innovative biotechnology company specializing in new drug discovery and development, Avelos Therapeutics, has received a glowing endorsement from the venture capital community by raising $8 million in the startup's Series A funding round. The funding will support the company's targeted, biomarker-driven onco-therapeutics that aim to target cancerous cells that have long been deemed "undruggable," using the concept of synthetic lethality. Financing was provided by several well-known venture capital firms, including SV Investment, UTC Investment, Quad Investment Management, Timepolio Asset Management, Mirae Asset Venture Investment and Mirae Asset Capital.
The key members of Avelos Therapeutics' visionary executive team each bring extensive experience to their respective roles, helping to quickly scale the company to become one of the leading global biotechnology companies. The team is led by CEO Dr. Young-Whan Park, who previously served at the helm of National OncoVenture (NOV), a Korean government funded anti-cancer drug development program. Prior to his time at NOV, Park worked at Merck & Co as a program leader in the US. Park is joined by Chief Technology Officer Soongyu Choi, whose past roles include leading mid-size and large pharmaceutical companies—including Bayer Healthcare and PTC Therapeutics, and head of business development Kangsik Yun, who has more than 30 years of experience in drug discovery and development.
A growing field, synthetic lethality is the setting in which inactivation of either of two genes individually has little effect on cell viability but simultaneous loss of function of both genes leads to cell death. In cancer, inactivation of one gene by deletion or mutation and pharmacological inhibition of the other leads to death of cancer cells whereas normal cells are spared the effect of the drug. The concept of synthetic lethality has provided new opportunities for the development of new therapies without the risk of major side effects.
"Through industry-leading techniques, robust experience and a growing network, we are confident that Avelos will become the leader in synthetic lethality," said Park. "Our company's slogan is 'Strive for a better Tomorrow,' and we have no bigger calling than the need to provide a better quality of life for cancer patients."
Though still in its infancy, Avelos Therapeutics has established meaningful research partnerships, including a collaboration for a first-of-its-kind drug program with the Research Institute of England. The company plans to select preclinical candidates in the first half of 2023.
To learn more about Avelos Therapeutics, visit avelostx.com.
About Avelos Therapeutics
Avelos Therapeutics is a specialized research and development (R&D) company focused on oncology drug discovery and development working with small molecule drugs for undruggable targets in the synthetic lethality, DNA damage response and cell cycle areas. Founded in 2021, the company is led by veterans in pre-clinical and clinical drug development, including CEO Young-Whan Park. To learn more about Avelos Therapeutics, visit avelostx.com.
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Source: Avelos Therapeutics