Market observers are skeptical of Komipharm stocks, as it is still waiting to get approval from the Ministry of Food and Drug Safety for its application to test the Panaphix drug on COVID-19 patients. On Feb. 26, Komipharm gave an official notice to its shareholders that it has applied to the ministry for a fast-track review of its proposal for clinical phase 2/3 trials of Panaphix, a cytokine storm inhibitor believed to treat pneumonia, for 100 COVID-19 patients. Its stocks hit the daily maxi

Industry March 5, 2020

Samsung Biologics announced Wednesday that it has signed a partnership deal with STCube for the development and manufacturing of STT-003, an anti-cancer immunotherapy candidate. STT-003, developed by STCube’s research center in Maryland, is a novel immune checkpoint inhibitor whose anti-cancer effects are anticipated to be more effective than the conventional PD-1/PD-L1 therapies. The US-based company is planning to submit an investigational new drug submission of the STT-003 antibody i

Industry March 4, 2020

Korean botulinum toxin makers Medytox and Daewoong Pharmaceutical exchanged fire once again on Wednesday, both claiming to have the upper hand in winning the US International Trade Commission suit. Medytox issued a press release in the morning saying that during the hearing of the suit from Feb. 4-7, the USITC’s staff attorney sided with the allegations that Daewoong had indeed used Medytox’s trade secret BTX. If this is reflected in the final decision, Daewoong’s US partne

Industry March 4, 2020

With experts suggesting that it will take one to five years for a vaccine for the new coronavirus to be developed from scratch, researchers are redirecting existing drugs and pipelines in an effort to control the outbreak. On Tuesday, Gilead Sciences’ Ebola treatment remdesivir was approved for a phase 3 clinical trial in South Korea by the Ministry of Food and Drug Safety. According to the clinical trial designed by Gilead Sciences, the efficacy of remdesivir on COVID-19 patients will

Industry March 3, 2020

Celltrion said Monday it gave 1 billion won ($841,000) to areas hit hard with COVID-19 to help curb the spread. The donation has been divided to areas most affected and which had strong links to Celltrion. Daegu, the city with the highest number of affected COVID-19 patients in Korea at 3,081 as of Monday afternoon, was given 400 million won, while North Gyeongsang Province, the second-heaviest hit region with 624 patients, received 200 million won. Incheon and North Chungcheong Province we

Industry March 2, 2020

Yuhan announced Monday that it has made a 5 billion won ($4 million) Series A funding in Huinno -- a wearable health care device company -- becoming the second-biggest stakeholder. Huinno’s patented MEMO Watch and MEMO A.I. are portable heart rate detectors that catch off-beat pulses, enabling remote health care from big hospitals and aftercare from nearest clinics. Under a partnership with Korea University Anam Hospital, Huinno is currently recruiting 100 patients who will participate

Industry March 2, 2020

Samsung Electronics’ Galaxy Z Flip sold out in nine minutes in China on Thursday, despite dampened consumer sentiment worldwide due to the coronavirus outbreak. According to the Chinese electronics industry on Friday, Samsung began online sales of the Z Flip across China at 8:30 p.m. Thursday, and the clamshell-type foldable phone sold out in less than 10 minutes. Delivery will begin immediately. On the same day, Samsung began to take preorders for the Z Flip’s limited Thom Browne

Industry Feb. 28, 2020

Robots delivering food to doorsteps and serving tables at restaurants may not be that far in the future. LG Electronics and Woowa Brothers said Friday they will jointly develop food delivery-and-serving robots, combining LG’s artificial intelligence and automated indoor driving technologies with Woowa Brothers’ food delivery know-how. Woowa Brothers operates Baedal Minjok, Korea’s biggest food delivery app by market share. The unicorn was acquired by Germany’s Deliver

Industry Feb. 28, 2020

Celltrion said Friday it has begun research for a drug candidate to fight the new coronavirus. The company has obtained a blood sample from a patient confirmed with COVID-19. Having discovered a drug candidate for the Middle East respiratory syndrome, the company will search for a new potential molecule that can help prevent the spread of the coronavirus. “We’re in the initial phase. It will take time for any results,” said a Celltrion official. “Since viruses mut

Industry Feb. 28, 2020

　As the economy in Korea shoulders headwinds from weakened consumer sentiment due to the coronavirus spread, a number of companies and building owners are coming up with self-rescue measures to help prop up the ecosystem. 　Telecom giant KT announced Thursday it will reduce rents for three months for self-employed business owners at its buildings across the nation, which it believes will cost it 2.4 billion won ($1.97 million). 　KT said it wished to take on the social responsibility of sharing

Industry Feb. 27, 2020

Komipharm stocks hit the ceiling on Korea’s secondary bourse Kosdaq early Thursday, after the company said it applied for phase 2 and 3 clinical trials of its Panaphix drug for coronavirus as a potential treatment. The company said it will issue further notice if it gains the Ministry of Food and Drug Safety’s approval for final phase clinical trials targeting 100 coronavirus-confirmed patients. Investors should be aware that the possibility of any drug winning final commercializat

Industry Feb. 27, 2020

Gilead Sciences is in talks with Korean health authorities to begin clinical trials of remdesivir, a drug believed to have the most chance of treating the novel coronavirus. “We are in discussions with Gilead Sciences Korea. It is likely they will submit their application for clinical trials this month,” a Ministry of Food and Drug Safety official told The Korea Herald. “We will review the clinical design in a timely manner once we receive it, and begin targeted large-scale

Industry Feb. 26, 2020

Netmarble said Wednesday it plans to introduce a new game title with Marvel at PAX East in the US. Due to the coronavirus scare in South Korea, only Netmarble’s US office employees will attend the game show. The PAX East 2020 is being held at Boston Convention and Exhibition Center in Massachusetts, from Thursday through Sunday. Netmarble’s will showcase its latest game on the last day of the show, in a session called “Marvel Mystery,” in the presence of Shim Cheol-mi

Industry Feb. 26, 2020

South Korea’s biggest food delivery service in terms of market share, Baedal Minjok, will provide financial support for its riders if they have to go into self-quarantine for COVID-19, the company announced Wednesday. For delivery riders who have to miss work due to a suspected case of COVID-19, Baedal Minjok will pay the minimum wage of 820,000 won ($673) for two weeks. Normally, the company’s riders work eight hours a day, six days a week. The minimum wage in Korea is 8,590 won

Industry Feb. 26, 2020

Celltrion’s autoimmune disease treatment Remsima SC was approved to treat rheumatoid arthritis in South Korea, the company announced Wednesday. Remsima SC is a biobetter of Johnson & Johnson’s Remicade (infliximab), and is the world’s first subcutaenously injectable form of infliximab that comes in a prefilled syringe called an autoinjector. However, while intravenous Remsima is authorized for treatment of psoriatic arthritis, ankylosing spondylitis, ulcerative colitis,

Industry Feb. 26, 2020