The Korea Advanced Institute of Science and Technology (KAIST) announced a new comprehensive partnership with HLB Group at its Daejeon campus. The collaboration aims to accelerate education and research focused on discovering new treatments for challenging diseases, such as cancer and Parkinson's disease.
At present, the domestic bio-medical industry contributes only 1.6% to South Korea's GDP, which is very little in the global market of new drugs worth nearly 7 trillion annually. As the domestic economy remains highly dependent on sectors such as semiconductors, batteries, and automobiles, it is high time the bio-medical sector gains substantial momentum.
To advance the development of the cutting-edge bio field, KAIST has established the Graduate School of Biological Sciences and the Graduate School of Stem Cells and Regenerative Medicine under its College of Life Science and Biotechnology. The institute is striving to create a breakthrough for the virtuous cycle of growth in the bio-medical sector through extensive cooperation with local governments and new drug development corporations.
HLB Group is developing the innovative liver cancer treatment drug rivoceranib and is undergoing the approval process with the U.S. Food and Drug Administration (FDA) after completing clinical phase 3 trials. The company is also increasing investments in developing treatments for degenerative diseases as well as health-related businesses for the aging population. Recently, HLB invested 16 billion won into Neurotove, a KAIST-started new drug development corporation, and has acquired it as a subsidiary. The newly established HLB Neurotove is now fully committed to developing treatments for intractable brain diseases such as Parkinson's disease, dystonia, and depression.
Jin Yang-gon, chairman of HLB Group, noted, "The cooperation between the two institutions will be a significant milestone in the technological development of HLB Neurotove, which is developing treatments for prominent intractable brain diseases such as Parkinson's disease and dystonia". He added, "We aim to grow HLB Neurotove into a successful on-campus startup model, sharing experiences and know-how to invigorate KAIST's startup ecosystem and thereby create a virtuous cycle in which open industry-academia investments in innovative technologies occur actively".
Kwang-hyung Lee, president of KAIST, emphasized, "KAIST and HLB plan to actively cooperate in innovative new drug development and technology development in the bio-medical field, including the development of treatments for cancer and degenerative brain diseases, through this agreement". He stressed, "By merging science and technology with the pharmaceutical industry, we will contribute to enhancing public health and quality of life, while preparing together to lead the future bio-medical era".
