CrystalGenomics Eyes COVID-19 Trials As Hopes Rise For Ivaltinostat
Also Seeking Pipeline Alliances
Although the pandemic could slightly delay CrystalGenomics’ business and R&D plans, the South Korean biotech is still hopeful this year will bring long-awaited progress for anticancer candidate ivaltinostat as well as discovery of its potential as a treatment for the new coronavirus.
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South Korean pharma and biotech companies are opting to spin off certain businesses and set up new subsidiaries to speed up R&D progress and tap funding opportunities. The move, which has become more visible in the past few years is in line with global biopharma trends, although the reasons may vary.
Unlike diagnostics, EUAs for drugs are rare and the fact that there already are FDA-approved competitors for Bayer’s chloroquine phosphate product may make the decision more complicated.
Amid increasing exports of new drug Acelex and multiple out-licensing agreements for its investigative oncology drugs, the South Korean biotech is raising sizable new funds via stocks and bonds this year to seek new longer term growth engines by bringing in new drug assets, or seeking M&As and alliances, and speeding up progress of its R&D pipeline in global markets.