Dong-A ST (Vice Chairman Kang Soo-hyoung) announced on January 19 that the company has concluded an agreement with NeuroBo Pharmaceuticals of the USA to license out the degenerative neurological disease treatment ‘DA-9803’, a proprietary natural drug product of the company.
Under this agreement, Dong-A ST will transfer the technology to NeuroBo and receive a $5 million transfer fee and a 24% stake. NeuroBo is planning to promote the global development of DA-9803.
On January 18, Dong-A ST signed the license-out agreement with NeuroBo for the global clinical development, licensing and sales of the diabetic neuropathy treatment DA-9801, a proprietary natural drug products of the company.
NeuroBo Pharmaceuticals, located in Boston, USA, is a joint venture established by JK BioPharma Solutions, a company specializing in the development of biopharmaceuticals, and Dr. Roy Freeman, a neurologist at the Harvard Medical School, for the purpose of developing natural medicine based on neuroscience.
Dr. Freeman, a neurology director at the Beth Israel Deaconess Medical Center of the Harvard Medical School, is a renowned medical professor in clinical studies of pain and neurological diseases. He has also played a key role in the clinical development of Lilica (Pfizer), a global blockbuster neuropathy drug, and in the Phase II clinical trials for DA-9801 in the United States.
Dong-A ST established the Dong-A Dementia Center in 2013, and is currently developing DA-9803 based on natural materials. DA-9803 is a treatment for Alzheimer’s disease, a field of growing social interest, based on the dementia national responsibility system introduced by the government of President Moon Jae-in. It is a natural drug product that inhibits the production of beta-amyloid, increases neurotransmitters, and has an effect on nerve cell protection. The product’s pre-registration in Korea has been completed, and preparations are now being made for US IND application.
The company was selected for the Greater Economic Zone cooperation project of the Ministry of Trade, Industry and Energy in 2012, and the all-phase new drug development project for the purpose of domestic and US IND applications in 2016.
Vice Chairman Kang Soo-hyoung of Dong-A ST said, “Dong-A ST is expected to secure the position of a major shareholder of NeuroBo as DA-9803 has also been included in the agreement with NeuroBo following DA-9801. We are looking forward to the successful development of NeuroBo’s natural drug products.”
