Daewoong Pharmaceuticals’ spin-off secures W23b in additional funding

(iN Therapeutics)
(iN Therapeutics)

iN Therapeutics, a spin-off from Daewoong Pharmaceuticals, said Thursday it has inked a license-out agreement worth up to $500 million with US-based Niroda Therapeutics for its Aneratrigine, a next-generation non-opioid pain treatment candidate.

The Korean biotech said it has secured upfront payment without disclosing the exact amount, adding that it plans to secure step-by-step milestones and royalties in the next 18 months.

According to iN Therapeutics, Aneratrigine is designed to selectively inhibit NaV1.7, a sodium ion channel known to play a critical role in chronic and neuropathic pain signaling.

The biotech pointed out that its new drug candidate, unlike opioid-based painkillers, is intended to deliver pain relief without the risk of addiction or abuse — a growing concern amid the prolonged opioid crisis across the world, especially in the US.

As its partner Niroda was co-established between major US health care venture capital firms — Population Health Partners, F-Prime Capital and Lilly Asia Ventures — with seasoned experts on developing ion channel drugs, iN Therapeutics said it expects the collaboration to smoothly proceed to commercialization.

With the agreement, Niroda secured an exclusive right to carry out clinical trials and commercialization in the US and Europe while iN Therapeutics will continue to hold such rights in parts of Asia such as Korea and China.

The two companies will look to explore the development of both single-agent and combination therapies using NaV1.7 and NaV1.8 inhibitors, aiming to broaden therapeutic coverage and enhance pain relief efficacy.

Following the license-out deal, iN Therapeutics raised an additional 23 billion won ($15.6 million) in new funding to further strengthen its financial stability.

“This agreement represents a major milestone that recognizes the potential of our ion channel platform for global commercialization,” said Park Chong-deok, CEO of iN Therapeutics.

“We plan to actively reinvest the secured funds into next-generation pipelines, including treatments for hearing loss and brain disorders, while gradually building in-house commercialization capabilities with the goal to go public in 2027 as we move toward becoming a global biotech company.”


hwkan@heraldcorp.com