[THE INVESTOR] Korea’s biotech firm SCM Lifescience said on Sept. 11 it has attracted 2 billion won (US$1.78 million) from the Yozma Group, an Israeli venture capital firm.

With the investment, the stem cell therapy developer has closed its Series C round having raised 38.6 billion won. 

The deal will further expand cooperation between the two companies.

Yozma Bio Holdings, joint venture between Mirae SCI and the Yozma Group, signed a memorandum of understanding with SCM Lifescience to co-develop next-generation stem cell therapies based on biotechnology developed at Israel’s Weizmann Institute of Science.

“The potential technology exchange between SCM Bioscience and Wiseman Research Institute is expected to be of great help to advance into the global markets,” SCM Lifescience CEO Rhee Byung-gun said.

SCM Lifescience is developing high-purity allogeneic stem cell therapeutics using its proprietary stem cell isolation technology. It plans to produce stem cell therapeutics for treatment of immunological conditions and regeneration of tissues.

By Park Han-na (hnpark@heraldcorp.com)