South Korean pharmaceutical company SK Biopharmaceuticals announced that the lead drug, YKP3089, from its drug development program for the treatment of refractory epilepsy, has been awarded funding from the Korea Drug Development Fund to support clinical development for the next three years. An agreement between the two parties was signed on February 22.
The Korea Drug Development Fund was established in September 2011 with assets of $1 billion to develop at least ten new drugs by 2019. A consortium of three health-related Korean ministries, the Ministry of Knowledge Economy, the Ministry of Education, Science and Technology, and the Ministry of Health and Welfare.
YKP3089 is the lead molecule in SK Biopharmaceuticals' pipeline. The funding support received will be used to support global late Phase 2 clinical trials in refractory epilepsy.
Dr. Jeong Woo Cho, Vice President for SK Biopharmaceuticals' Drug Development Business, said, "The selection of YKP3089 by the Korean Drug Development Fund is an acknowledgement of its potential to become a global blockbuster. If our Phase 2 and Phase 3 clinical trials go smoothly, we will be able to market the drug in 2017."
Dr. Cho added, "As the drug has shown marked efficacy in reducing pain in various animal models of neuropathic pain as well in epilepsy, we will be conducting simultaneous Phase 2 trials for this additional indication. The worldwide neuropathic pain market is $2.5 billion in size, and if YKP3089 shows efficacy in various types of this pain, the value of the drug will be tremendous."
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