NEW YORK – Functional genomics startup Medic Life Sciences said Tuesday that it has received a $5 million strategic investment from LG and Hanmi Pharmaceutical.
The new funding will help accelerate the adoption of the company's functional genomics cancer biomarker discovery technology, bolster its business development, and advance its drug discovery efforts, Medic said.
Founded in 2020, Medic, a graduate of the Illumina Accelerator program, previously raised $8 million in seed funding from Illumina Accelerator, Top Harvest Capital, Primer Sazze, Big Basin Capital, First In Ventures, Valuence Ventures, Gradient, and Wing Venture Capital.
The Mountain View, California-based company entered into a research collaboration with Bristol Myers Squibb last summer to use its 3D tumor models to perform CRISPR-based functional genomic screens in solid tumor indications.
"The strategic investment will help accelerate the adoption of our solutions among pharmaceutical partners and bring us closer to clinical validation of the Synthetic Lethality Signature biomarkers," Medic Cofounder and CEO Kyuho Han said in a statement. "It will also support our efforts in early drug discovery for novel targets identified through our platform, creating additional value for Medic."