FNC Biotech raises $15M Series B to advance fibrosis therapy FB-101
What's the deal? FNC Biotech, a South Korean startup developing antibody-based treatments for fibrotic diseases, has closed a $15M Series B round. Premier PartnersDealroom has a profile for this one. Try Dealroom → led the investment, with participation from BSK InvestmentDealroom has a profile for this one. Try Dealroom →, Samho Green Investment, IBK CapitalDealroom has a profile for this one. Try Dealroom →, Aju IB InvestmentDealroom has a profile for this one. Try Dealroom →, Nice Investment PartnersDealroom has a profile for this one. Try Dealroom →, NongHyup Bank, On Venture InvestmentDealroom has a profile for this one. Try Dealroom →, Solidus InvestmentDealroom has a profile for this one. Try Dealroom →, Soo Investment Capital, SparkLabs Equities, and Enblock Investment — 10 institutional investors in total, exceeding the company's original fundraising target.
The funds will go toward completing preclinical work on FB-101, its lead candidate for idiopathic pulmonary fibrosis (IPF), accelerating global out-licensing efforts, and advancing follow-on pipeline assets.
Why now? FNC Biotech has built momentum on multiple fronts. It claims to be the first to identify the "CSF3-STAT3-TGFβ positive feedback loop" — a mechanism that worsens fibrosis — and published the findings in a journal with an impact factor of 52.7. FB-101 targets CSF3 directly and aims not just to slow disease progression but to restore damaged lung tissue, positioning it as a potential first-in-class therapy.
The company has also validated FB-101 in human-derived lung organoid models, moving beyond the limitations of animal testing. It was selected for AmgenDealroom has a profile for this one. Try Dealroom →'s "Golden Ticket" programme, a stamp of credibility that has helped attract interest from multiple global pharma partners.
FNC Biotech says it has spent two years in deep technical due diligence with a major pharma company and is currently in active partnership and licensing discussions.
What could go wrong? The round closed in a tough funding environment for unlisted Korean biotech companies, and the road from preclinical validation to clinical success remains long and uncertain. Fibrosis is a notoriously difficult therapeutic area — many promising candidates have failed in later-stage trials. Dependence on a big pharma licensing deal also introduces execution risk; if negotiations stall, the company may need to raise again before reaching key milestones.
The signal: Pulling in 10 institutional backers — nearly all investment funds — for an oversubscribed round while still at the early stage underscores how differentiated science can cut through a sluggish Korean biotech funding climate. With a Kosdaq IPO pencilled in for the first half of 2029, FNC Biotech is betting that a big pharma licensing deal in the interim will de-risk the asset and bridge the gap between preclinical promise and public-market valuation.
Read more: edaily.co.kr
