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Daewoong Pharmaceutical Accelerates Global Drug Development by Establishing a New Biotech

Daewoong Pharmaceutical (CEO Seungho Jeon) announces new drug development company'iN Therapeutics' was newly established. The strategy is to secure R&D flexibility through the incorporation of the company's promising new drug pipeline, and to reinforce competitiveness through rapid performance.

IN Therapeutics is a biotech that spin-outs Daewoong Pharmaceutical's new ion channel drug development platform and Nav1.7 non-narcotic pain reliever, hearing loss treatment, and brain disease treatment. IN Therapeutics possesses the world's best ion channel evaluation platform and development know-how through the development of new ion channel drugs that are promising targets for various CNS (central nervous system) diseases for over 10 years.

Ion channel platform technology has a unique competitiveness as a technology that overcomes the high-level evaluation method known as a limitation when developing ion channels. Nav1.7 non-narcotic pain reliever (DWP17061), a lead pipeline developed based on the platform, is a candidate for first-in-class drug development. Global pharmaceutical companies are also trying to develop the target, and it is expected to be developed as a global innovative new drug as a substance that has already been target validation.

Nav1.7 non-narcotic analgesic drug (DWP17061) has currently submitted a Phase 1 Clinical Trial Plan (IND) in Australia and plans to conduct safety and pharmacokinetic tests until the first half of next year by first administering it to healthy individuals within this year. In the preclinical stage, the drug has been shown to be superior to competing substances in the action of the drug in the body after administration, and it has been confirmed that it has excellent efficacy compared to nonsteroidal anti-inflammatory drugs (NSAIDs), which are representative analgesics for osteoarthritis.

Along with the establishment of this biotech, Park Jong-deok, a former head of the development headquarters of Kolon Pharmaceuticals, who has a wide history of developing new drugs and new business in the pharmaceutical industry for 25 years, was newly appointed. CEO Jong-Duk Park has accumulated experience in clinical development, product development, and marketing in the areas of hematology and hepatology treatment at Bayer Schering, a global pharmaceutical company, and Novartis. In addition, it has the successful experience of joint development and technology export of a pediatric drug clinical development platform through the Population Pharmacokinetics Model to global pharmaceutical companies. For the past 15 years, having various global networks through consulting on technology evaluation review by leading global investment companies is considered a strength.

Seung-ho Jeon, President of Daewoong Pharmaceutical, said, “We expect IN Therapeutics to grow into the world's best ion channel company based on its ion channel competitiveness and expertise.” “Daewoong Pharmaceutical will continue to pursue various R&D strategies based on open innovation. We will maximize corporate value and competitiveness, and contribute to the sustainable growth of the pharmaceutical bio industry ecosystem.”

On the other hand, IN Therapeutics plans to complete Series A investment in the second half of 2020 for the clinical development of first-in-class Nav1.7 non-narcotic analgesics and preclinical hearing loss treatments, aiming for an IPO (public disclosure) in 2025.