Korea Pharma(66,500 -2.06%)Announced on the 3rd that it has decided to invest about 3 billion won in the venture pharmaceutical company Genencell.
The investment is expected to accelerate the approval process of Genencel’s current COVID-19 treatment in Europe phase 2b·3 and India’s Ayurveda drug.
Pharma Korea has produced a domestic clinical phase 1 drug for Genencel’s shingles treatment, using raw materials of fresh natural water. In the course of the study, this candidate material was found to be effective in treating COVID-19, and a phase 2 clinical study was conducted in India. Pharma Korea was in charge of consignment production of the treatment. Subsequently, in November of last year, a business agreement (MOU) was signed with Genencell on the development and production of COVID-19 and shingles treatments using raw materials of fresh water.
An official of the company said, “This investment is an extension of last year’s business agreement.” By raising funds, Genencell will be able to quickly proceed with clinical research, and Pharma Korea will be able to secure not only consignment profit but also Genencel investment profit if the treatment is commercialized.
It is explained that Pharma Korea is a comprehensive pharmaceutical company with 50 years of experience. The sales consisted of 80% of the ETC business and 20% of the commissioned production (CMO) business.
Reporter Minsoo Han [email protected]
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