iNt Therapeutics Secures 26 Billion KRW Investment to Accelerate Development of Osteoarthritis Pain New Drug

[Asia Economy Reporter Lee Gwan-joo] Daewoong Pharmaceutical's new drug development specialist subsidiary, iN Therapeutics, announced on the 4th that it has secured bridge investment worth 26 billion KRW.

iN Therapeutics, which successfully raised 14 billion KRW in Series A funding last year, is recognized for its growth potential by securing consecutive bridge investments this year as well.

iN Therapeutics explained that while the Phase 1 clinical trial of its non-opioid osteoarthritis pain treatment drug candidate (iN1011-N17) is progressing smoothly in Australia, it is preparing for Phase 2 clinical trials in Europe and accelerating additional pipeline research and development through this bridge investment.

This bridge investment involved new investors Stick Ventures and InterVest, along with major domestic institutional investors who participated in Series A, including Kiwoom Investment, E&Venture Partners, Daily Partners, Yuanta Investment, AJU IB Investment, Shinhan Capital, and Timefolio Asset Management.

iN Therapeutics' non-opioid osteoarthritis pain treatment has demonstrated superior efficacy in preclinical studies compared to commonly used non-steroidal anti-inflammatory drugs (NSAIDs) and opioid analgesic tramadol, and is currently in discussions for technology licensing with several global pharmaceutical companies interested in non-opioid pain treatments.

Based on this investment, iN Therapeutics plans to accelerate clinical trials of the non-opioid osteoarthritis pain treatment, continuously attract investments, complete Phase 2 clinical trials, license the drug to global pharmaceutical companies, and pursue an initial public offering (IPO) in 2025. Additionally, it will intensify research on eight new drug pipelines, including treatments for hearing loss and brain diseases.

Park Jong-duk, CEO of iN Therapeutics, stated, "We have established ourselves as a leader in this research field by successfully hosting the first Ion Channel Neuroscience New Drug Development Symposium recently," adding, "We will successfully develop the non-opioid osteoarthritis pain treatment, which is currently under technology export negotiations with several global pharmaceutical companies, and develop it into a global blockbuster new drug."

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