▲New G Lab Pharma CI
NewG Lab Pharma has completed the financing of 25 billion won from large domestic institutional investors. This is expected to accelerate the development of innovative new drugs under development, such as KAT, the next-generation anticancer drug.
NewG Lab Pharma announced on the 5th that it had completed the payment of the 8th convertible bond (CB) worth 25 billion won, which was issued for DB Financial Investment.
The maturity date of this paid bond is April 5, 2025. The conversion price is 8372 won.
Using the funds successfully procured, NewG Lab Pharma has received approval from the US Food and Drug Administration (FDA) and is currently undergoing phase 1+2a clinical trials for ‘KAT’, an anticancer drug for liver cancer, and ‘taletrectinib’, a lung cancer treatment, in phase 2 in Korea. ‘ plans to accelerate clinical trials.
At the same time, NewG Lab Pharma plans to discover new drug candidates through technology transfer.
The company explains that it will strengthen its competitiveness as a comprehensive pharmaceutical and bio company in overseas markets through diversification of revenue sources and expansion of pipelines.
An official from NewGLab Pharma said, “In a situation where investment in the bio industry has recently contracted, the large-scale funding of 25 billion won is meaningful.” We were able to successfully complete this financing as it was highly evaluated in the market.”
He continued, “As we confirmed that the market’s expectations for NewGLab Pharma are high through this investment attraction, we will focus all our capabilities on clinical trials to derive meaningful results this year as well.” I will do my best,” he added.
NewG Lab Pharma Inc., a US subsidiary of NewG Lab Pharma, is developing KAT, an anticancer drug that selectively kills cancer cells using a substance called ‘3BP (3-Bromopyrovate)’. It is currently undergoing phase 1+2a clinical trials for liver cancer in the United States.
Unlike existing immunotherapy drugs, KAT is a mechanism that directly enters the inside of cancer cells and blocks the metabolic process, making it possible to fundamentally treat various types of cancer. NewG Lab Pharma is also pursuing a domestic phase 1+2a KAT for liver cancer, and plans to conduct additional clinical trials for other cancer types.
Separately, NewGLab Pharma is conducting a phase 2 domestic clinical trial of taletrectinib, a lung cancer treatment, through its subsidiary, NewGLab Therapeutics, which specializes in new drug development. In February, it was approved for domestic phase 1 clinical trials for ‘NGL-101’, an improved diabetes complex.
