Daewoong Pharmaceutical and Bio Venture Nexi Collaborate on Immuno-Oncology Drug Development
[Asia Economy Reporter Chunhee Lee] Daewoong Pharmaceutical is securing a 'first-in-class' immuno-oncology new drug pipeline within its group through open innovation.
On the 23rd, Daewoong Pharmaceutical announced that it has signed a memorandum of understanding (MOU) for joint research and development of immuno-oncology drugs and long-term cooperation with Nexai, a bio-venture specializing in new drug development.
Nexai is a newly established bio-venture developing immuno-oncology new drugs based on its proprietary platform technology. It is developing new drugs using neutralizing antibodies targeting factors resistant to new immunotherapies. It is expected to create a new market through monotherapy or combination therapy with existing immunotherapies for cancer patients who cannot use immunotherapy or do not respond to existing anticancer drugs.
Through this agreement, the two companies will jointly research and develop Nexai's pipeline, including the non-small cell lung cancer therapeutic antibody new drug candidate 'NXI-101' and the metastatic melanoma therapeutic antibody new drug candidate 'NXI-201.' In particular, Daewoong Pharmaceutical plans to participate as a strategic investor (SI) in the Pre-A series equity investment and cooperate with Nexai in overseas technology exports (license-out) and other areas.
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Seungho Jeon, CEO of Daewoong Pharmaceutical, said, "It is very encouraging to be able to collaborate in research and development with Nexai, whose outstanding technology has been verified through national project selection," adding, "We will continue to focus on innovative new drug research in the field of immuno-oncology through open collaboration." Yoon Kyungwan, CEO of Nexai, also said, "We are very pleased to establish a friendly cooperative relationship with Daewoong Pharmaceutical," and added, "We will actively strive to achieve innovative results in the field of immuno-oncology new drug development through close cooperation between the two companies."
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