ALTOS Biologics raises $17 mn in Series B funding

[Courtesy of ALTOS Biologics]

ALTOS Biologics, a subsidiary of Alteogen Inc., a South Korean biotech company, announced Tuesday that it has raised 24.5 billion won ($17.7 million) in Series B funding.

Venture capital firms, including MAGNA Investment, Solidus Investment, and state-owned Industrial Bank of Korea, invested in convertible preferred shares, while SMART & GROWTH Co. and retail investors invested in common shares.

The funds will be used to finance advances in OP-01, a treatment for age-related macular degeneration.

OP-01 is a multi-antibody therapy that combines anti-vascular endothelial growth factor (Anti-VEGF) with a TIE-2 receptor modulator.