Samyang Biopharmaceuticals Corporation is developing a metabolism-modulating anticancer drug through open innovation (Press release, Samyang Biopharmaceuticals, JAN 9, 2020, View Source [SID1234570884]). A metabolism-modulating anticancer drug refers to a treatment which works on cancer cells’ energy metabolism to prevent cancer growth or induce apoptosis.
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Samyang Biopharmaceuticals Corporation recently announced that the company had a signing ceremony of a technology transfer contract for a metabolism-modulating anticancer drug candidate with the innovative drug discovery biotech startup LMITO Therapeutics on January 9 in Samyang Discovery Center, Pangyo, Seongnam.
This contract allows Samyang Biopharmaceuticals Corporation to have the exclusive right to introduce the drug candidate LMT503 and its technology from LMITO Therapeutics, develop, conduct a clinical trial for, manufacture, and commercialize them. With the goal of filing an investigational new drug (IND) application in 2022 to enter the clinical phase, Samyang Biopharmaceuticals Corporation is seeking to develop a metabolism-modulating anticancer drug based on this candidate and technology.
In addition to down payment, Samyang Biopharmaceuticals Corporation pays LMITO Therapeutics for the success of each stage (milestone) including clinical trial, marketing authorization, and sales and a certain portion of revenue as operating royalties after it begins to be sold in the market. Both companies, however, agreed to not disclose the exact payment conditions including down payment.
LMT503 is a low-molecular weight compound expected to treat cancer by regulating cancer cells’ energy metabolism while activating immune cells. In particular, the cancer cell energy metabolism regulation mechanism in LMT503 was suggested for the Nobel Prize in Physiology or Medicine in 2019 as a new cancer treatment method, so many studies are being conducted in Korea and around the world.
President Tae-ung Eom of Samyang Biopharmaceuticals Corporation explained the significance of this contract, "With the aim of developing a first-in-class drug (drug with a new mechanism of action), Samyang Group is employing a two-track strategy where Samyang Biopharmaceuticals Corporation is focusing on new chemical entities and Samyang Biopharm USA is focusing on biopharmaceuticals. To increase development speed and success likelihood, we are using open innovation by actively cooperating with other companies."
CEO Whee-sung Lee of LMITO Therapeutics said, "Thanks to technology transfer to Samyang Biopharmaceuticals Corporation, LMITO Therapeutics is able to increase the development speed for a metabolism-modulating anticancer drug in our pipeline. We will be actively supporting Samyang Biopharmaceuticals Corporation so that they can successfully develop an innovative anticancer drug."
Meanwhile, Samyang Biopharm USA, a subsidiary of Samyang Biopharmaceuticals Corporation, recently cooperated with global companies, signed contracts one after another to introduce an antibody drug candidate and conduct joint research, and is speeding up biopharmaceutical drug development.