DongKoo Bio&Pharma announced on Monday that NovaCell Technology, a peptide drug development firm it has invested in, has successfully passed the technical evaluation for listing on the KOSDAQ market.
NovaCell Technology is a biotech venture developing PEPTIROID, an innovative peptide immunotherapy that promotes inflammation resolution. The company secured A and BBB ratings in this crucial technical evaluation, paving the way for its preliminary listing review application.
DongKoo Bio&Pharma has maintained its position as the largest shareholder since investing in NovaCell Technology in 2012. The company has been actively involved in the multi-ministerial drug development project and has collaborated on NovaCell’s atopic dermatitis treatment. In a significant move this February, DongKoo in-licensed the pipeline currently undergoing Phase 2 clinical trials.
Industry experts project the global atopic dermatitis treatment market to expand from approximately 18 trillion KRW (about 11.9 billion USD) in 2023 to around 43 trillion KRW (about 28.5 billion USD) by 2033. The domestic market is also poised for growth, expected to increase from about 220 billion KRW (about 145 million USD) in 2021 to approximately 350 billion KRW (about 232 million USD) by 2033.
In another promising development, NovaCell Technology’s dry eye syndrome treatment, licensed to Huons, recently received investigational new drug (IND) approval for Phase 2 clinical trials in South Korea.
The company is broadening its pipeline to address various inflammatory conditions, including rheumatoid arthritis, ulcerative colitis, and psoriasis, leveraging its second-generation PEPTIROID candidates. In the realms of dermatological, respiratory, and ophthalmic diseases, NovaCell inked a technology transfer deal with HK inno.N last year and is currently conducting follow-up research.
DongKoo Bio&Pharma’s Chief Executive Officer (CEO), Jo Yong-jun, commented that NovaCell Technology’s successful technical evaluation validates the open innovation strategy and efforts to secure future growth drivers. They’re committed to accelerating the development and commercialization of peptide drugs through the continued collaboration.