Bridge Biotherapeutics, a Korean biotech firm, announced positive feedback from the third Independent Data Monitoring Committee (IDMC) meeting to continue the phase 2 clinical trial of BBT-877, a drug candidate for the treatment of idiopathic pulmonary fibrosis (IPF).

IPF is a severe and chronic lung condition characterized by fibrosis of the lung tissue, leading to a progressive decline in lung function. The disease is notoriously difficult to treat, making the development of new therapies crucial.

BBT-877, a novel first-in-class drug candidate, selectively inhibits a newly targeted protein, autotaxin, and has been under evaluation since its first dosing in April 2023. To date, the trial has enrolled approximately 75 percent of its target number of 120 patients.

The IDMC, composed of IPF experts and statisticians from the U.S. and Europe, convened for the third time to review safety and efficacy data for 75 participants gathered until April 14. This is the third IDMC meeting, the latest one being held in January.

The committee found no concerns regarding the drug's safety or efficacy and recommended that the trial proceed as planned.

Earlier this year, Bridge Biotherapeutics participated in the J.P. Morgan Healthcare Conference in San Francisco in January, where it engaged in business development meetings with five of the top ten global pharmaceutical companies to discuss potential global licensing for BBT-877.

The company plans to accelerate the clinical trial and strive for quick commercialization based on the results of this IDMC meeting.

"Following the continuation of clinical development recommended by the third IDMC meeting, we are pleased to reaffirm the comprehensive competitiveness of our drug," Bridge Biotherapeutics CEO Lee Jung-kue said. "Based on the recently obtained data indirectly comparing our drug with competitors, we will redouble our efforts to achieve rapid commercialization."

Meanwhile, shares of Bridge Biotherapeutics on Kosdaq fell 8.4 percent to 4,625 won ($3.35) as of 2:00 p.m. on Friday.