Bridge Biotherapeutics said Wednesday that it has signed a technology transfer contract with the Korea Research Institute of Chemical Technology (KRICT) and licensed in a new cancer targeted thearpy candidate.

The new candidate is a next-generation target anticancer drug. After going through initial research stages to investigate the primary effects of various cancer types, including lung cancer, the company plans to conduct pre-clinical studies, including the GLP toxicity test, by the end of this year.

Under the accord, Bridge Biotherapeutics has gained exclusive global rights for the drug, while KRICT will receive 30 billion won ($26.5 million) from the company, including a 1 billion-won signing fee.

During the initial research and development, Bridge Biotherapeutics plans to continue to cooperate closely with KRICT and the research team of Professor Cho Byung-chul of Severance Cancer Hospital.

“We will continue to cooperate with Bridge Biotherapeutics actively to develop more drugs based on the achievements of our pharmaceutical biotechnology research field,” KRICT President Kim Sung-soo said. “Our center will continue to develop disease treatments closely related to the public health.”

Bridge Biotherapeutics CEO Lee Jung-kue also said, “We will conduct an effective early clinical trial so that we can develop a next-generation new anticancer drug based on candidates developed from KRICT.”

Bridge Biotherapeutics plans to apply for an investigational new drug (IND) application by the end of this year, Lee added.