Bukwang Pharmaceutical said it would get its wholly owned subsidiary Dyna Sera Therapeutics listed on the stock market,
The subsidiary is developing improved new drugs for prostate cancer chemotherapy, by introducing lymphatic targeting technology (LTT) developed by Solural Pharma in Denmark in 2016.
LTT is a technology that minimizes the food effect that occurs when taking anticancer drugs. It reduces the impact of ingestion effects that may occur when taking anticancer drugs and enhance the therapeutic effect by increasing the absorption rate of the drug.
The company is also in the process of expanding the application of the treatments to other anticancer drugs
Dyna Sera Therapeutics plans to complete preclinical exams by the end of this year and enter the global phase 1 clinical trial next year.
The announcement comes after Bukwang said it would get two other companies -- Contera Pharma ApS and a joint venture (JV) company with OCI – listed last month. Bukwang is also a major shareholder of Anterogen and Acer Therapeutics, an orphan drug development company in the U.S.
According to Bukwang, both companies are either set to launch or on the verge of releasing a new drug.
“The investment income generated from the listing of subsidiaries will strengthen our financial structure in the future and also help boost its growth, in the forms of clinical trials for new drugs and pipeline expansion,” a company official said. “We will continue to share the company’s achievements with the market through getting various subsidiaries listed.”