Dx&Vx said that it signed a strategic memorandum of understanding (MOU) with Yungjin Pharmaceutical for the development of innovative new drugs.

Through this collaboration, the two companies aim to discover new drug candidates using Dx&Vx's artificial intelligence (AI) drug design technology and clinical protocol expertise with Yungjin's synthesis and evaluation capabilities.

The partnership will primarily focus on identifying candidate substances for anticancer drugs, with plans to expand the scope of research and development (R&D) to various other indications.

Based on the drug candidates and preclinical research results obtained, the two companies are also expected to enter into additional joint research agreements in the future.

"We anticipate creating a strong synergy by merging Yungjin's pharmaceutical development expertise with Dx&Vx's AI technology," Yungjin CEO Lee Ki-su said. "We aim to strengthen our R&D capabilities by discovering innovative new drug candidates."

Dx&Vx CEO Kwon Kyu-chan also said, "By leveraging our AI technology, we aim to significantly reduce the time and cost associated with drug development."

Additionally, Dx&Vx plans to offer its Clidex's companion diagnostic technology to enhance the likelihood of new drug success, Kwon added.