Xcell Therapeutics raises $19.9M Series C, bringing total funding to $33.7M 

Korea Investment Partners, Industrial Bank of Korea, and others participate..."Building a mid- to long-term growth engine"

Xcell Therapeutics, a leading domestic badge company, announced today that it has successfully secured its third major investment (Series C) worth KRW 19.9 billion.

Together with the two previous rounds of funding, the cumulative investment amount is 33.7 billion won.

Korea Investment Partners participated in the Series C following the previous Series A and B, and Industrial Bank of Korea, APR Partners, Log Investment, Korea Asset Investment & Securities, HB Investment, Uanta invest, SBI Investment, and Daeshin Securities joined as new investors.

"This is a pre-IPO round of funding ahead of our listing review," said a representative from Xcell Therapeutics. "It is noteworthy that Korea Investment Partners, a leading bio investment firm in Korea, and Daeshin Securities, the listing organizer, participated."

Xcell Therapeutics has developed the world's first U.S. Good Manufacturing Practice (cGMP)-grade Serum-Free Chemically Defined Media for hMSCs and owns and operates a cGMP-grade production plant in Yongin.

In February, Xcell Therapeutics passed the technical evaluation review for listing on KOSDAQ and is currently preparing for listing. Xcell Therapeutics said that through this investment, it plans to focus on building a mid- to long-term growth engine by advancing its highly efficient customized media development platform (XPorT) to widen the gap with laggards and establishing a contract manufacturing and development (CDMO) facility to provide customized cultures of various cells for future customers.

"With this investment, we will further consolidate our leadership in media technology, the basic material of the bio industry, and do our best to develop the domestic advanced bio industry," said Lee Yi-il, CEO of Xcell Therapeutics.

Source: https://www.news1.kr/articles/?4245751