U.S. fund to invest US$20M in Haim Bio

South Korean startup Haim Bio issued an announcement detailing plans by a U.S. fund operated by A&P Partners to invest US$20 million in its anti-coronavirus technology. There is already an agreement signed and in process.

Under the agreement made public Thursday, the firms are looking to establish a joint venture, Elysium Cell Bio USA, in Virginia.

Haim Bio CEO Kim Hong-yeoul said A&P Partners made the investment proposal after the publication of his research on inorganic polyphosphates earlier in the year.

In July, Kim and Massimo Zollo from Italy’s CEINGE Institute led a team of global scientists to a groundbreaking discovery – that inorganic polyphosphates inhibit infection and replication of the COVID-19 virus. The team noted that administered via nasal sprays, inorganic polyphosphates can kill most viruses in infected primary human epithelial cells.

The said publication was featured on the front cover of Science Signaling, a family publication of Science journal.

Plans are in place to establish subsidiaries of Elysium Cell Bio in South Korea and Italy this month.