South Korea-based Mezzion Pharma Co Ltd (KOSDAQ:140410) announced on Wednesday that it has secured approximately USD20m in strategic funding to support the ongoing global Phase 3 FUEL-2 trial of udenafil for patients with Fontan circulation.

The financing was led by Midas-Meritz New Technology Finance Association and KDBC-Korea Investment & Securities New Technology Investment Association.

Midas PE, the lead investor, is a private equity firm with over USD230m in assets under management. Its CEO Lim Chun-soo expressed strong confidence in Mezzion's direction, saying: "After a detailed review of Mezzion's FUEL-1 results and the ongoing FUEL-2 protocol, we believe udenafil is well positioned for successful global Phase 3 completion and regulatory approval. We are proud to support Mezzion as it expands internationally and continues its leadership in rare disease innovation."

Mezzion said that the recent introduction of dedicated ICD-10 codes for Fontan-associated conditions marks a major step forward in recognising and addressing the needs of this long-overlooked population. It enhances care, improves coverage, and underscores Mezzion's leadership and long-term commitment to advancing treatment for rare congenital heart disease.