LG Chem said that it is has received approval from the Ministry of Food and Drug Safety for the phase 1b and 2 clinical trials of LG34053, a next-generation osteoarthritis treatment.

The company plans to accelerate the development of new drugs by designing clinical trials linked with phases 1 and 2.

LG Chem plans to evaluate indicators, such as safety, tolerability, pharmacokinetics, efficacy, and optimal dose, in patients with mild and moderate knee osteoarthritis at Samsung Medical Center. The company will also expand phase 1b and 2 clinical trials to Australia to secure global clinical data.

After completing phase 1b and 2 clinical trials, LG Chem will conduct global phase 3 clinical trials in the U.S. and other regions to commercialize the product in 2028.

"Entering the clinical stage of new osteoarthritis drugs is a major achievement of company-wide efforts for R&D innovation and will be an important milestone for LG Chem's new drug business," said Son Jee-woong, head of LG Chem's Life Science Business Division. "We will present a new alternative treatment for arthritis patients around the world with limited treatment options."

Based on the arthritis treatment portfolio of various mechanisms built through in-house development and active open innovation, the company will continue to increase the possibility of successfully developing innovative new drugs, Son added.

LG34053 is an injectable new drug with a new mechanism of blocking the inflammatory pathway and inhibiting chondrocyte apoptosis. LG Chem expects that the new drug will be different from existing symptomatic pain relief drugs.

According to global market research data, the osteoarthritis market of seven major countries with large medical markets – U.S., Japan, Germany, France, U.K., Italy, and Spain -- will reach 2 trillion won ($1.7 billion) in 2028.