PharmGen Science Receives 6 Billion KRW Support Over 4 Years from Ministry of Trade, Industry and Energy... "Foundation for Developing New Drug for Gastroesophageal Reflux Disease"

PharmGen Science announced on the 21st that it has been selected as a supported company for the Ministry of Trade, Industry and Energy's '2023 World Class Plus' project.

Park Hee-deok, CEO, Yeo Mal-hee, Head of New Drug R&D Division, and Kim Hye-yeon, CEO (second from the left), along with other representatives of Pharmgen Science, are taking a commemorative photo at the '2023 World Class Company Selection Ceremony' held at The Westin Chosun Hotel. Photo by Pharmgen Science

The World Class Plus project is an initiative promoted by the Ministry of Trade, Industry and Energy to foster growth into a global mid-sized company and strengthen global competitiveness. With this selection, PharmGen Science will invest a total of approximately 6 billion KRW in research funds over four years and receive about 3.4 billion KRW in research and development funding from the ministry, along with various supports such as finance and export assistance.

Through this support, PharmGen Science aims to complete the preclinical and Phase 1 clinical trials of 'RD1305,' a next-generation reflux esophagitis treatment in the potassium-competitive acid blocker (P-CAB) class currently under development. In addition, PharmGen Science is developing four gastrointestinal new drug pipelines including the reflux esophagitis treatment 'RD1304,' the lower gastrointestinal inflammatory bowel disease treatment 'RD1301,' and the liver and pancreatobiliary contrast agent 'RD1303.'

Among these, the liver contrast agent RD1303 was selected for the 2022 Pan-Governmental National New Drug Development Project (KDDF), and with RD1305 being selected for the World Class Plus support project this time, the company’s new drug development capabilities have been recognized, raising expectations for accelerated development.

Meanwhile, PharmGen Science has expanded and opened the 400-pyeong scale 'Dongtan Campus Global Research Center' in Dongtan, Hwaseong-si, Gyeonggi Province, integrating previously dispersed research and development (R&D) infrastructure. The company has also recruited gastrointestinal new drug development experts such as Research Director Yeom Mal-hee and Lab Director Kim Dong-gyu, continuously strengthening R&D investment to leap forward as a gastrointestinal new drug developer.

Hee-deok Park, CEO of PharmGen Science, said, “Gastrointestinal diseases are a field led by Asian countries including Korea and Japan, and especially the next-generation reflux esophagitis treatment in the P-CAB class is leading the global market. Through this project selection, PharmGen Science will greatly contribute to changes in the global reflux esophagitis treatment market and help leap forward as a World Class company.”

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