Biobook Begins Advisory Role in GC Green Cross Open Innovation Project... Supporting Discovery of Promising Biotech Startups

Biobook, a pharmaceutical·biotech-focused accelerator, will participate in GC Green Cross's open innovation initiative to support the discovery of promising startups and facilitate investment·business partnership matchmaking.

Biobook announced on August 24 that it has been selected as the implementing partner for the GC Green Cross Open Innovation Project organized by North Chungcheong Province and the Osong Medical Innovation Foundation, and has begun its advisory work in earnest.

This initiative is an open innovation program whereby GC Green Cross discovers external innovative technologies and links them to new business opportunities. Large and mid-sized pharmaceutical companies can secure new growth engines by capitalizing on startups’ technologies and ideas, while startups can leverage the R&D and commercialization capabilities of large corporations. As such, it is positioned as a mutually beneficial collaboration model.

Through this open innovation initiative, GC Green Cross plans to discover biotech startups possessing technologies in a wide range of fields.

Specifically, the areas of focus include: ▲ antibody-based therapies for respiratory and gastrointestinal inflammatory diseases ▲ antibody-based targeted anticancer drugs ▲ messenger RNA (mRNA) and lipid nanoparticle (LNP)–based therapeutics ▲ new treatments for diseases applicable to intravenous immunoglobulin (IVIG) ▲ half-life extension technologies via antibody engineering ▲ artificial intelligence (AI)-based drug discovery technologies ▲ treatments for obesity and metabolic diseases.

The selection process will be conducted in two stages. First, a review committee of five members, including the business manager from GC Green Cross, will evaluate demand fit, technological competitiveness, and commercialization prospects to select eight companies. Afterward, following individual presentations by these selected companies, GC Green Cross will make the final partnership selection.

Ultimately, up to four companies may be chosen based on business suitability. GC Green Cross will provide selected companies with technical consulting, proof-of-concept (PoC) support, joint research, and technology adoption. Each company can receive up to 140 million won for proof-of-concept costs. If only one company is finally chosen, the entire 140 million won will be awarded; if multiple companies are chosen, the funding will be divided accordingly.

Biobook will not stop at just selecting the final partner companies, but will also support all participating startups with technical reviews and preparing investment prospectuses (IR Books).

In particular, the eight companies that pass the first round will receive intensive acceleration programs such as consulting to strengthen their investment relations (IR) capabilities and networking opportunities with GC Green Cross. Even those not ultimately selected will be given opportunities to pursue further collaborations with other investors or pharmaceutical companies, thus broadening their commercialization prospects.

Through this approach, Biobook aims to lower the practical barriers that make it difficult for early-stage biotech companies to connect with major pharmaceutical companies, and to create linkages that can lead to further business such as technology validation, fundraising, and joint research.

Hong Sunjae, CEO of Biobook, stated, "This open innovation initiative by GC Green Cross does not end as a one-off event, but will continue to provide matchmaking support even after the end of the project period." He added, "Our plan is to lead a virtuous cycle where innovative early-stage biotech technologies are commercialized by Korean pharmaceutical companies and developed into global blockbusters."

Meanwhile, startups wishing to participate in this initiative can apply via the Osong Medical Innovation Foundation (KBIOHealth) website until September 9.

This content was produced with the assistance of AI translation services.