Macrogen to establish subsidiary for new drug development

29-Jun-2007

Macrogen announced that it would set up a subsidiary named Psoma Therapeutics, Inc., to start new drug development through the identification of disease-related genes. Through its subsidiary, Macrogen expects to secure disease-related genes using an "isolated, group-extended family research model" that enables genes associated with complex diseases such as hypertension, diabetes, and obesity to be identified with time and cost effective way. The company also planed to develop not only new drugs targeting the identified genes but also diagnostic kits for the early commercialization of genes.

Macrogen's decision to establish a subsidiary stemmed from the urgent need to launch a business that would utilize the outcomes of "the East Asia Ethnic Functional Genome Project," which has been implemented in collaboration with the medical research team of Seoul National University since 2003. Aside from the substantial progress of the project, an independent business entity is deemed more advantageous in raising outside capital, promoting the aggressive development of new drugs, and consequently increasing the possibility of business success given the nature new drug development, i.e., massive funds required for R&D and overall operation.

With the establishment of Psoma Therapeutics,Inc,. Macrogen plans to organize all of its genomics research capabilities including DNA analysis (sequencing), DNA chips, model animals, and Lentivirus vector technology for the successful development of new drugs. The company expects such efforts to create synergistic effects with existing businesses and lay down the foundation for the development of molecular diagnosis and customized therapy.

After completing the procedures for corporate establishment, Psoma Therapeutics, Inc., started its business on the 1st of June. Specifically, new drugs targeting the identified genes will be developed either independently or in partnership with multinational pharmaceutical and biotech firms while generating profits from the licensing of the procured disease-related genes. Psoma Therapeutics,Inc also plans to develop diagnostic kits and offer molecular diagnosis services to commercialize the identified genes.

https://www.bionity.com/en/news/65771/macrogen-to-establish-subsidiary-for-new-drug-development.html