Chemizon will collaborate with the Korean Research Institute of Bioscience and Biotechnology (KRIBB) to spin out a biotech company to be called NuCo. NuCo’s goal is to create a pipeline of protein, antibody, and small molecule therapeutics aimed primarily at oncology, CNS, and infectious disease indications. The company will work on target discovery and validation, proteomics, biomarkers, translational medicine research, stem cell biology, diagnostics, and bioinformatics.
Chemizon’s private equity fund, Chemizon-Oakwood Bioventures, will serve as the lead investor. The firm plans to work closely with KRIBB to capitalize, build a world-class management team, and incubate the company.
Additionally, Chemizon will use its drug discovery platform to help NuCo convert research into small molecule therapeutics. “This will allow KRIBB,” points out Sang Ki Rhee, Ph.D., president and CEO of KRIBB, “to focus on basic research without distraction and reduce its considerable dependence on the government for research funding.”