Duol Industry Gains Momentum for New Drug Development Business with Articles of Incorporation Amendment at General Meeting

[Asia Economy Reporter Jang Hyowon] Duol Industry is accelerating efforts to secure next-generation growth engines by officially launching its bio new drug development business.

Duol Industry announced on the 30th that it has formalized its entry into the bio new drug development business by completing amendments to its articles of incorporation for business diversification at the shareholders' meeting held on the 27th.

Recently, Duol Industry took its first step into the bio new drug development business by acquiring a 21.17% stake in the Canadian bio new drug development company OncoQuest. OncoQuest is a new drug development company spun off in 2015 from the Canadian listed company QuestPharmaTech, developing immune therapy antibody-based products applicable to ovarian cancer, pancreatic cancer, breast cancer, and others.

Currently, OncoQuest's ovarian cancer treatment drug Oregovomab is planning to start Phase 3 clinical trials in the second quarter after signing a business cooperation contract with the Contract Research Organization (CRO) IQVIA and discussions with the U.S. Food and Drug Administration (FDA). The Phase 3 trial will enroll 600 newly diagnosed ovarian cancer patients.

Unlike cytotoxic anticancer drugs or targeted anticancer drugs commonly used by cancer patients, Oregovomab restores the immune environment to normal, fundamentally curing cancer and reducing the likelihood of recurrence. Additionally, analysis of Phase 2 clinical data involving a total of 97 patients in the U.S. and Italy showed excellent results with a progression-free survival (PFS) of approximately 41.8 months compared to competing drugs.

A company official stated, “Duol Industry has completed preparations for business diversification through amendments to its articles of incorporation and is expected to transform into a specialized new drug development company. It shows a higher success probability than other anticancer drugs, and by investing in OncoQuest, which has been valued at 600 billion to 800 billion KRW by the global evaluation firm E&Y, we plan to overcome growth stagnation.”

This content was produced with the assistance of AI translation services.