250616 BICHEDAM Secures 1 Billion KRW Pre-A Investment from KIBO

Preparing for Phase 1 Clinical Trials in South Korea for Natural Product-Based Drug Candidates

BICHEDAM, developing new drug candidates, has successfully secured a 1 billion KRW Pre-Series A investment. The company is preparing to enter Phase 1 clinical trials in South Korea for its natural product-based drug candidates targeting degenerative neurological diseases.

According to the venture capital (VC) industry on the 30th, BICHEDAM recently secured a 1 billion KRW Pre-Series A investment from the Korea Technology Finance Corporation (KIBO). The company’s valuation was not disclosed. With this investment, BICHEDAM has now raised a total of 2 billion KRW in external funding, including the seed round.

BICHEDAM was first introduced to the Korea Technology Finance Corporation (KIBO) when it was selected as an outstanding company at the “15th KIBO Venture Camp IR Demo Day” last year. The KIBO Venture Camp is a program that leverages KIBO’s accumulated experience in supporting technology-based startups and collaborates with private accelerators to provide intensive support and nurturing for innovative technology startups. BICHEDAM received tailored comprehensive consulting from Y&Archer.

Founded in 2022, BICHEDAM is a biotech company named after the clinic previously operated by CEO Ho-bin Moon, a licensed Korean medicine doctor. The company aims to develop treatments for age-related chronic diseases such as hypertension and dementia, with a core technology based on herbal ingredient-derived ROCK (Rho-associated protein kinase) inhibitors.

ROCK inhibitors have mechanisms involving cytoskeletal reorganization, inflammation modulation, and neuroprotection, making them highly promising for the treatment of neurodegenerative diseases, cardiovascular conditions, and other difficult-to-treat disorders. Peer companies include Medispan, Olive IO Therapeutics, and InSpamTech.

Recognized for its technological capabilities, BICHEDAM secured seed investment last year from Y&Archer, regional university joint technology holdings in the Daegu-Gyeongbuk area, and the Gyeongbuk Creative Economy Innovation Center. In July, the company was selected for the Ministry of SMEs and Startups’ TIPS program, securing a total of 500 million KRW in R&D funding.

BICHEDAM’s lead pipeline is a natural product-based drug candidate targeting neurodegenerative diseases. The company is currently preparing to enter Phase 1 clinical trials in Korea in collaboration with Chungbuk National University Hospital. The funds raised in the recent Pre-Series A round will be allocated to clinical entry and the advancement of manufacturing processes.

Ho-bin Moon, CEO of BICHEDAM, stated, “This investment reflects external confidence in our company’s technological capabilities and growth potential. We will drive the commercialization of our ROCK inhibitor-based drug pipeline while introducing functional products leveraging natural product technology to the global market, advancing plans for technology transfer and an eventual initial public offering (IPO).”

BICHEDAM also plans to launch a premium health functional food in August, based on herbal ingredients. The product is designed to help alleviate nocturnal leg cramps and improve blood circulation. By adding a consumer-focused B2C (business-to-consumer) product line to its existing pharmaceutical-centric portfolio, the company aims to diversify its revenue streams.