Dong-A St to invest $18 mn in novel drug developer

[Courtesy of Dong-A St Co.]

Biopharmaceutical company Dong-A St Co. announced on Monday that it inked a strategic investment with Idience Co., a drug development company under Il Dong Pharmaceutical Co.

Under the agreement, the duo will jointly research how to co-administer Idience‘s novel drug candidate Venadaparib (IDX-1197). Dong-A St will invest 25 billion won ($18.3 million) as the drug developer’s second-largest shareholder.

Founded in 2019 as a subsidiary of Il Dong Pharmaceutical, Idience is a biopharmaceutical company focused on developing innovative novel medicines, with a pipeline that includes several anticancer drugs, including Venadaparib.

IDX-1197 is a potent, selective, and orally active PARP inhibitor with strong antitumor capacities. PARPs are a family of proteins that are involved in cellular processes such as DNA repair.