Company Receives BioNest Grant to Support Entry into US Market
CorestemChemon, a biopharmaceutical company headquartered in South Korea, has selected Winston-Salem as the location for its U.S. base of operations. The company will be located within the Regenerative Medicine (RegenMed) Engine’s Innovation Accelerator, based in the Innovation Quarter.
With about 350 employees worldwide, CorestemChemon is recognized for its leadership in stem cell–based therapies. In South Korea, the company has successfully completed clinical trials for Neuronata-R, a stem cell therapy for Amyotrophic Lateral Sclerosis (ALS), making it one of only a small number of stem cell therapies approved for use globally. From its U.S. base in Winston-Salem, CorestemChemon plans to advance its therapies through U.S. regulatory pathways while building research, clinical and business partnerships.
“Establishing our U.S. operations in Winston-Salem represents an important milestone in CorestemChemon’s global strategy,” said Seung Beom Yang, director of CorestemChemon. “The opportunity to work within the RegenMed Engine and alongside the Wake Forest Institute for Regenerative Medicine (WFIRM), the world’s leading translational regenerative medicine institution, provides a strong foundation for expanding our therapies into the U.S. market and increasing our impact for patients worldwide.”
WFIRM is part of Wake Forest University’s School of Medicine – the academic core of Advocate Health – and is internationally recognized for translating regenerative medicine research into patient-focused solutions, collaborating with more than 500 academic, government, and industry partners.
WFIRM leads the Regenerative Medicine (RegenMed) Engine, an initiative funded by the National Science Foundation to help move new regenerative medicine technologies from research into real-world use. Through the RegenMed Engine, the institute houses the Innovation Accelerator, which offers office and laboratory space to industry partners.
“WFIRM and the Regenerative Medicine Engine are focused on accelerating the delivery of promising regenerative medicine innovations to patients in need,” said Dr. Anthony Atala, director of the Wake Forest Institute for Regenerative Medicine and chief innovation officer of the RegenMed Engine. “Welcoming CorestemChemon to Winston-Salem reflects our role as a trusted partner for companies advancing therapies on a global scale.”
To support the company’s U.S. market entry, Greater Winston-Salem Inc. has awarded CorestemChemon a BioNest Grant, providing assistance for office space, business development, and engagement with regional institutions and companies. The BioNest Fund supports the growth of life sciences firms relocating to or expanding in Winston-Salem and is made possible through support from the Whitaker Park Development Authority.
“International companies are choosing Winston-Salem because of our highly regarded life sciences ecosystem,” said Ellis Keifer, vice president of Economic Development for Greater Winston-Salem Inc. “CorestemChemon’s decision reflects confidence in this community as a long-term U.S. launch pad for globally impactful science.”
“CorestemChemon’s decision to locate here shows why Winston-Salem is a top location choice for life sciences companies. International firms are choosing the Innovation Quarter not just for its world-class facilities, but for the connectivity, talent, and momentum that exist here,” says Isaac Perry, head of Biotech and Life Sciences Ecosystem Development for the Innovation Quarter.
Beyond ALS, CorestemChemon is developing therapies for diseases such as lupus, Neuromyelitis Optica (NMO), and multiple system atrophy (MSA). Driven by the needs of patients, the company is focused on expanding treatment options for rare and currently incurable neurological and autoimmune diseases. By expanding into the U.S. market through its Winston-Salem location, the company can advance efforts to bring those therapies to more patients around the world.