PharmAbcine said it would speed up the development of a new anticancer drug by establishing a subsidiary in the U.S.
The developer of antibody drugs said Tuesday it would set up a U.S. offshoot, tentatively named WINCAL, in Delaware. The Korean firm will invest 100 percent in the U.S. subsidiary, with a base capital of $10 million.
Through the U.S. unit, PharmAbcine will support phase-2 clinical trials on Olinvacimab (TTAC-001), taking place at Stanford Medical Center and Florida Hospital Cancer Institute, and future studies on follow-up pipelines.
WINCAL will push for R&D in the non-oncology field, while PharmAbcine will focus on oncology.
With the population aging, the company plans to expand its pipeline to fast-growing markets such as diabetic retinopathy and macular degeneration. As researchers actively study on the treatment of eye diseases using VEGF (vascular endothelial growth factor) inhibition, which is the mechanism of Olinvacimab, the company plans to enhance R&D in the area.
“We decided to establish a subsidiary in the U.S. to establish a global clinical network and secure international talents. We will make efforts to grow PharmAbcine into a globally competitive biotech firm,” PharmAbcine CEO Yoo Jin-san said.
In September, PharmAbcine started conducting a phase-2 study on Olinvacimab in patients with a relapsed brain tumor who do not respond to Avastin in the U.S. and Australia. It is also testing the combination of Olinvacimab and Keytruda in patients with recurrent brain tumors and metastatic triple-negative breast cancer in a phase-1b study in Australia.
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