Seoul-based digital treatment startup, S-Alpha Therapeutics, has successfully raised 11 billion won ($8.4 million) in a Series B funding round led by Korea Investment Partners, Tony Investment, CJ Investment, LB Investment, Mirae Asset Capital, and Hana Ventures. Since its establishment in 2019, S-Alpha has raised a total investment of $18.8 million and is currently developing ‘SAT-001’, a digital treatment aimed at inhibiting the progression of myopia in children.
Myopia, also known as nearsightedness, is a growing concern in South Korea, with the World Health Organization reporting that around 97% of adolescents in large cities are affected by the condition due to prolonged exposure to electronic devices such as smartphones and game consoles. SAT-001 aims to address this issue by reducing the extension of the eyeball axis in children while allowing them to enjoy non-contact intervention games for 30 minutes a day.
S-Alpha received approval for a clinical trial plan from the Ministry of Food and Drug Safety in early 2022 and has since conducted clinical trials. With the new funding, S-Alpha plans to actively conduct domestic and international clinical trials of SAT-001 and announce the data obtained within the next 1-2 years.
LB Investment, one of the investors, expressed confidence in SAT-001, saying that it has great potential based on biomarkers that are easy to measure. Clinical trials for the product are currently underway in both Korea and the United States.
The funding round is expected to further accelerate S-Alpha’s research and development efforts as it continues to focus on developing innovative digital treatments to improve the health and wellbeing of people around the world.
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