Daewoong Pharmaceutical Establishes New Drug Development Specialist Company 'IEN Therapeutics'
[Asia Economy Reporter Cho Hyun-ui] Daewoong Pharmaceutical announced on the 15th that it has established a new drug development specialized company, 'iN Therapeutics.'
iN Therapeutics is a bio company spun off from Daewoong Pharmaceutical's new drug development platform and its new drug pipeline, including the non-opioid analgesic (DWP17061), hearing loss treatment, and brain disease treatments.
Along with the establishment of the biotech company, Park Jong-deok, former head of the development division at Kolon Pharmaceutical, was newly appointed as CEO. They plan to complete Series A investment (investment received from prototype development to just before full-scale market entry) in the second half of this year and aim for an IPO (initial public offering) in 2025.
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Jeon Seung-ho, president of Daewoong Pharmaceutical, stated, "We will continue to pursue various R&D strategies based on open innovation to maximize corporate value and competitiveness."
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