Pharvis Korea, a homegrown pharmaceutical company, will start developing a new treatment drug for respiratory diseases and asthma based on a therapeutic substance in development by researchers at Korea University and Dongguk University.

The Ministry of ICT, Science and Future Planning said Sunday that the firm has purchased the technology and future development rights to the drug PVS02696 for 1 billion won ($840,000). 

The substance, jointly developed by the two universities with the support of the Science Ministry, has been shown in clinical trials and animal tests to be effective in treating severe cases of asthma and intractable respiratory infections. 

With the new drug, the company and researchers are reportedly looking for a breakthrough in the treatment of intractable respiratory infections, for which an effective cure has yet to be introduced.

Given that some asthma patients do not respond well to steroid-type drugs, the only treatment option available in the market today, there is an increasing public need for the introduction of alternative drugs, the ministry said.

The three entities have also agreed to cooperate on commercializing the drug and running joint programs to nurture professionals in the field of new drug development, the ministry said.

By Sohn Ji-young (jys@heraldcorp.com)