23-06-14 

Expansion of global open innovation with Biocom CA, a US life science organization

The Korea Innovative Drug Consortium Foundation (CEO Kyung-Hwa Heo, hereinafter referred to as the KIMCo Foundation) held a ‘Cross Border’ with Biocom California (CEO Joe Panetta, hereinafter referred to as Biocom) at Alexandria GradLabs in San Diego, USA on the 12th (local time). It was recently announced that it held a 'Partnering Conference'.

Headquartered in California, USA, Biocom is a life science organization with more than 1,700 member companies, including global pharmaceutical companies, bio ventures, and venture capital (VC).

In order to create an environment in which life science companies can develop and commercialize innovative products and technologies, they are promoting cooperation with the government, building industry networks, securing funding, and introducing cutting-edge education programs.

The event was prepared in a way that pre-selected Korean and California biotechs participated in IR presentations, and panel discussions were held with experts and investors in the biopharmaceutical industry.

About 100 people from about 50 companies in Korea and California attended the event, showing high interest in partnering between the two countries.

In particular, the event was attended by major guests such as Consul General Kim Young-wan of Los Angeles (LA) and President Roh Yeon-hong of the Korea Pharmaceutical Bio Association.

The presentations of the bioventures selected and participated by the KIMCo Foundation include △development of mitochondrial and cell metabolism regulators (Lee Hui-seong, CEO of El Mito Therapeutics) △development of DNA damage repair inhibitors (Paik Tae-gon, CEO of Areum Therapeutics) △development of autism treatment (Shin Chan-young, Neuroventi) representative), etc. In the Q&A session that followed, the investors who attended the event asked about the technology differentiation of each bio venture, the scope of application, and future commercialization strategies.

In the panel discussion that followed each company's IR presentation, discussions were made on △cross-border business development and investment promotion △Venture capital investment △Exploration of partnering opportunities in the US.

Following this, the first panel discussion was held with Hyeonjong Kim, CEO of Plan, who is an advisory member of the KIMCo Foundation's global expansion.

Park Jae-hong, president of Dong-A ST, said, “The most important thing in business development between countries is technological innovation, followed by smooth communication and access to information about each other’s ecosystem.” Kook Chan-woo, head of KB Investment, showed his will for cross-border investment, saying, "Many Korean companies hope to attract US investment for smooth global clinical trials and entry into the global market." is at an inflection point for innovation, and there will come a time when many pharmaceutical companies and investors will be interested in Korea."

In the second panel discussion, director Lim Na-rae Plan chaired Hong-seok Choi, manager of Yuanta Investment, In-ae Park, team manager of Daily Partners, David Creen, Caldiff Advisory Partner, and Hunter Reed, head of Alexandria Venture Investment, and discussed the investment environment and prospects in Korea and California.

In the final panel discussion, Jennifer Giottonini, Keir Pulmoside Business Manager, chaired Yuhan Corporation's Managing Director Yoon Tae-jin, Dong-A ST's Head Yoo Jun-soo, Thermo Fisher Scientific Director Jose Oresco, and BMS Vice President Neil Bens gave their opinions on ways to expand partnering opportunities in the U.S. Divided.

At the event, Joe Panetta, CEO of Biocom, said, "The thriving biopharmaceutical industry in both Korea and the United States is the result of professional institutions and networks that pursue continuous improvement and innovation in response to challenges and changes." Through this, we will achieve continuous development, promote exchanges between countries, and ultimately provide better service to patients, which is the core goal of each of us.”

Heo Kyung-hwa, CEO of the KIMCo Foundation, said, “Now is the time to accelerate the advancement of domestic pharmaceutical bio companies into the global market and realize the dream of becoming a global pharmaceutical bio powerhouse based on continuous achievements.” "We will form a practical pharmaceutical bioindustry network and resources, and support global collaboration and Korean companies' entry into the US."

In addition, on this day, the KIMCo Foundation and Biocom signed a memorandum of understanding (MOU) for continued cooperation in the future. Through this strategic partnership, the KIMCo Foundation and Biocom agreed to cooperate in establishing an open innovation platform for joint investment and joint development, and to provide knowledge sharing and networking opportunities between the two countries through conferences and events.

Source: https://www.kpanews.co.kr