Olyx Selected as 'Outstanding Corporate Research Institute' by Ministry of Science and ICT
[Asia Economy Reporter Hyunseok Yoo] Olig, a drug development company based on RNA interference (RNAi) platform technology, announced on the 29th that it has obtained the ‘Excellent Corporate Research Institute’ certification for the first half of 2021 from the Ministry of Science and ICT.
The Excellent Corporate Research Institute designation system was established by the Ministry of Science and ICT to foster a leading model that drives qualitative growth in corporate research and development (R&D). It selects corporate-affiliated research institutes with outstanding technological innovation capabilities and excellent technology commercialization performance. The designation is made twice a year and the qualification is maintained for three years from the date of designation.
Olig possesses proprietary core technology developed independently based on RNA interference technology. RNA interference technology is a third-generation platform technology among oligonucleotide therapeutics that can efficiently suppress the expression of genes and production of proteins causing diseases.
Olig’s representative pipeline includes ‘OLX101A,’ a hypertrophic scar treatment that has received FDA clinical phase 2 approval in the U.S. and is currently undergoing phase 2 clinical trials in Korea. Hypertrophic scars are known as a disease with high unmet medical needs because there are no approved prescription drugs as treatments yet. Therefore, the company expects that if a treatment that directly intervenes in the scar formation mechanism to inhibit scar formation is developed, it will be able to easily gain an advantage in competition with existing treatments.
Meanwhile, Olig was selected as a ‘2021 KOSDAQ Rising Star’ company hosted by the Korea Exchange on the 28th.
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Donggi Lee, CEO of Olig, said, “Olig has a mission to contribute to human health and happiness through advanced technology,” adding, “We will continue to expand our pipeline based on our self-developed platform to enhance the status of the Korean bio industry in the global market and to provide realistic alternatives for intractable diseases through relentless efforts.”
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