Canaria BioM Secures COVID-19 Treatment through Acquisition of Sejong Medical

[Asia Economy Reporter Jang Hyowon] Canaria Bio M, the parent company of Canaria Bio (formerly Hyundai Feed), which is developing the ovarian cancer treatment drug Oregobomab, announced that on the 15th it signed a contract to acquire 100% of the shares of Sejong Medical Company, the largest shareholder of Sejong Medical, together with financial investors (FI) holding 60%, thereby securing management rights of Sejong Medical.

Through this acquisition, Canaria Bio M will secure Sejong Medical's medical device business and additional new drug pipelines. Sejong Medical's subsidiary Genencell successfully completed Phase 2 clinical trials of a COVID-19 treatment in India in December 2020, and on May 23 of this year, signed an exclusive contract with Ordi Pharma FZ-LLC in the United Arab Emirates (UAE) for the Middle East and Turkey rights to an oral COVID-19 treatment.

Genencell's COVID-19 treatment ES16001 demonstrated high efficacy in Phase 2 trials, with over 95% recovery in mild to moderate patients within 6 days of administration. ES16001, a new material extracted from Dambalsu, is also planned to be developed as an influenza treatment. In this clinical trial, ES16001 showed excellent antiviral activity and is expected to be effective in the prevention and treatment of type A influenza virus infections. Additionally, Genencell is developing treatments for shingles, hepatitis C, and hepatitis.

Nahanik, CEO of Canaria Bio M, emphasized, “Due to the nature of RNA viruses, coronavirus variants will continuously emerge, and it is impossible to block new variants with vaccines.” He added, “Therefore, securing COVID-19 treatments is essential.”

CEO Na also stated, “Sejong Medical is a company holding cash assets of 100 billion KRW, making it well-funded for M&A,” and added, “We will create high-growth results through active M&A.”

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