Biotechnology company PDC line Pharma revealed on Tuesday that it has raised a total of EUR20m under its Series B round of financing with five new investors: Korean Investment Partners, Shinhan-Cognitive Start-up Fund and UTC 2019 BIOVENTUREFUND, as well as two Belgian funds, SRIW (The Regional Investment Company of Wallonia) and Sambrinvest (the investment fund of Charleroi).

The new investors join the company's historical investors: SFPI-FPIM, the Belgian Federal Holding and Investment Company, Noshaq Group (ex-Meusinvest), the Financière Spin-off Luxembourgeoise/INVESTSUD Group and a group of international business angels.

Since July 2017, the company has attracted new investors and secured a further capital increase of EUR13.9m.

In addition, the company will receive USD6.1m in loans and subsidies from the Walloon Region of Belgium.

According to the PDC, the objectives of the phase I/II study (PDC-LUNG-101) are to assess the safety, tolerability, immunogenicity and preliminary clinical activity of the drug candidate, PDC lung01, associated or not with anti-PD-1 treatment in NSCLC.