[비즈한국] Bukwang Pharmaceutical003000 is expanding its reach beyond CNS (Central Nervous System) disorders to develop therapeutics for metabolic and immune diseases. To this end, the company is pursuing the establishment of a new subsidiary based on the RNA (ribonucleic acid) platform of its Danish drug discovery subsidiary.
Ahn Mi-jung, Chairwoman of Bukwang Pharmaceutical, stated at an IR briefing held at the Bukwang Pharmaceutical Central Research Institute in Dongjak-gu, Seoul, on the 18th, "After extensive discussions with experts and external consultants, we have decided to spin off Contera Pharma's RNA platform to create a new company." Last month, Contera Pharma achieved a milestone by signing a joint development agreement for innovative RNA-based drugs with the Denmark-based global CNS specialist pharmaceutical company Lundbeck. The decision means the company intends to utilize its RNA platform for drug discovery beyond just CNS indications.
Chairwoman Ahn explained, "While Bukwang Pharmaceutical currently holds nearly 100% of the shares, we have been receiving investment inquiries from many venture capital (VC) firms. We plan to attract external investment from them and grow the company into an RNA-specialized entity." This is interpreted as a move to accelerate new drug development by securing capital from external sources, alongside Bukwang Pharmaceutical and its largest shareholder, OCI Holdings010060.
Contera Pharma, a Danish drug development subsidiary acquired by Bukwang Pharmaceutical in 2014, has been known as a specialist in CNS therapeutics. Consequently, questions had been raised regarding whether it possessed the capability for RNA drug development.
Thomas Sejersen, CEO of Contera Pharma, attended the IR briefing to introduce the company's RNA R&D capabilities and the competitiveness of its platform. CEO Sejersen explained, "Since joining Contera Pharma in 2021, after realizing the need to incorporate new modalities into the company—which was then focused on small-molecule-based CNS treatments—we selected the RNA platform, which was gaining significant attention in the biotech industry at the time."
CEO Sejersen revealed that Contera Pharma's RNA platform consists of three main components: △'AttackPoint Discovery,' a target identification platform; △'OligoDisc,' an oligonucleotide discovery platform that acts on targets identified by AttackPoint Discovery; and △'SpliceMatrix,' a high-speed screening platform for small-molecule compounds.
Among these, AttackPoint Discovery is considered the key to expanding future drug development indications. CEO Sejersen explained that because it can be applied to any tissue or organ, it can be used for metabolic and inflammatory diseases in addition to the nervous system, which is Contera Pharma's primary focus. "While existing RNA platforms focused on inhibiting specific genes, Contera Pharma's platform has the advantage of being able to regulate in both directions—not only inhibition but also activation," Sejersen emphasized. "We believe our flexible and unique platform is the reason we were able to enter into a joint development agreement with Lundbeck."
During the briefing, questions were also raised about Contera Pharma's future listing plans. Bukwang Pharmaceutical had previously pursued an IPO for Contera Pharma, but lost momentum after development of the Parkinson's disease dyskinesia treatment JM-010 was halted following a failure to secure significance in its European Phase 2 clinical trial last May. Lee Je-young, CEO of Bukwang Pharmaceutical, expressed the position that the company would not force an IPO. "We could push for an IPO if we wanted to, but I believe the most important thing is how to increase Contera Pharma's added value and ensure its sustainability," said CEO Lee. "Our current stance is that we will not pursue an IPO merely for the sake of being listed."