Daewoong Pharmaceutical, a South Korean pharmaceutical corporation announced on Wednesday, July 28, together with Hanall will invest in the U.S. biopharmaceutical industry. Hanall is also a South Korea-based Biopharmaceutical company.
The open collaboration has invested in NurrOn Pharmaceutical’s round A. the investment is in the field of novel therapy development targeting Parkinson’s disease as an initial step. The collaborated companies will enhance their communication with various U.S. biopharmaceutical experts amidst their investment plans. Together, the two companies have acquired the equity stake of NurrOn Pharmaceuticals of $1 million. The million-dollar stake has granted the collaborators a right to screen, and negotiate drug candidate as a part of the drug development process for Parkinson’s disease treatment. The targeted drug candidate introduced by NurrOn is the Nurr1. Scientifically defined, Nurr1 is a nuclear receptor enabling spurred dopamine production.
The company is currently scheduling a preclinical trial with intentions to submit a request proposition. The company will then await an approval from the United States Food and Drug Administration allowing them to conduct administration of investigational drug. The collaborated biopharma players plan on commencing clinical trials in the beginning of 2022 after receiving approval. NurrOn has been invested in developing targeted drug therapies for various CNS diseases.