RudaCure has been selected for the Ministry of Science and ICT's 2021 Bio iCORE Project and will receive support for the next three years.
The Bio iCORE project is a program that helps domestic bio-ventures expand overseas. Through incubation, management, and administrative support from the Bio iCORE project team, as well as specialized education, mentoring, and consulting provided by dedicated overseas organizations, the program assists in establishing overseas subsidiaries and ultimately aims to create overseas funds. In this selection round, 5 global startup teams were chosen from among 12 pre-startup teams that completed domestic training, with a total of KRW 700 million in support over three years to promote overseas grant applications.
During the project evaluation, the company was highly recognized for its strategy for overseas market entry, the completed domestic licensing agreement, high prior research leading to a predicted high success rate, excellent capabilities in the new drug development process, and a very specific plan for overseas expansion strategy.
RudaCure plans to use this support to build upon its domestic licensing contract with Hanlim Pharmaceutical and further accelerate its global expansion.