SEOUL, South Korea--(BUSINESS WIRE)--On July 31st 2021, S-Alpha Therapeutics, Inc., (“S-Alpha” CEO: Seung-Eun Choi), a startup dedicated in R&D for digital therapeutics, announced the completion of its Series A financing.
S-Alpha Therapeutics raised a total of $8.7M USD (10 Billion KRW) in Series A financing round with the participation by existing investors and new Venture Capitalist (VC) funding.
In 2020, S-Alpha Therapeutics raised $2.7M USD (3 Billion KRW) in seed round of funding from Hana Ventures, STIC Ventures, AJU IB Investment, SJ Investment Partners, and TONY Investment. In Series A funding, all existing investors participated in this investment, and Korea Investment Partners, Stonebridge Ventures, Devsisters Ventures/KDB Capital, and Timewise Investment participated as new investors.
“The convergence of information technology (IT) and biotechnology is an inevitable industry trend. The investment in this industry is the driving force for fast product development, verification of new concepts and enhances the development of disruptive technologies. It also provides resources and infrastructure for validating the safety as well as efficacy of the product” said STIC Ventures, which led this investment.
Dr. Yong-Sun Lee, Chief Strategy Officer from S-Alpha Therapeutics said “With this investment, we plan to develop and validate SAT-001, the leading product in pediatric myopia, through clinical trials in Korea and in US. S-Alpha Therapeutics will also use this fund to complete verification of SAT-008 and support R&D efforts to validate the concept in new disease areas of our pipeline.
About S-Alpha Therapeutics, Inc.
Founded in 2019, S-Alpha Therapeutics develops digital therapeutics, a therapeutic intervention from the convergence of biology and information technology. Company has developed several digital therapeutic products in its R&D pipeline.
Currently, company is conducting clinical trials to evaluate the efficacy, safety and feasibility of SAT-001 in several clinical sites in South Korea.
Among the company's pipelines, SAT-008, developed for the purpose of inducing an individual's immune-boosting effect, is in the process of establishing a business development model according to the evidence generated from clinical studies in South Korea. In addition, S-Alpha Therapeutics is in the process of developing other products in the pipeline.