SEOUL, South Korea--(BUSINESS WIRE)--
South Korean pharmaceutical company SK Biopharmaceuticals announced that the lead drug, YKP3089, from its drug development program for the treatment of refractory epilepsy, has been awarded funding from the Korea Drug Development Fund to support clinical development for the next three years. An agreement between the two parties was signed on February 22.
The Korea Drug Development Fund was established in September 2011 with assets of $1 billion to develop at least ten new drugs by 2019. A consortium of three health-related Korean ministries, the Ministry of Knowledge Economy, the Ministry of Education, Science and Technology, and the Ministry of Health and Welfare.
YKP3089 is the lead molecule in SK Biopharmaceuticals pipeline. The funding support received will be used to support global late Phase 2 clinical trials in refractory epilepsy.
Dr. Jeong Woo Cho, Vice President for SK Biopharmaceuticals Drug Development Business, said, The selection of YKP3089 by the Korean Drug Development Fund is an acknowledgement of its potential to become a global blockbuster. If our Phase 2 and Phase 3 clinical trials go smoothly, we will be able to market the drug in 2017.
Dr. Cho added, As the drug has shown marked efficacy in reducing pain in various animal models of neuropathic pain as well in epilepsy, we will be conducting simultaneous Phase 2 trials for this additional indication. The worldwide neuropathic pain market is $2.5 billion in size, and if YKP3089 shows efficacy in various types of this pain, the value of the drug will be tremendous.
About Epilepsy
According to the World Health Organization, epilepsy affects approximately 0.5% of the worlds population, or 50 million people worldwide, making it one of the most common neurological diseases. The Epilepsy Foundation estimates that 3 million Americans are affected by epilepsy. Epilepsy is a condition that makes people susceptible to seizures. Seizures vary from a momentary disruption of the senses, to short periods of unconsciousness or staring spells, to convulsions. All seizures are caused by abnormal excitation of the nervous system. Chronic, untreated epilepsy is known to result in cerebral, mental, and bodily damage over time producing social and financial burdens.
Treatment of epilepsy by anticonvulsant drugs can eliminate seizures in one-third of patients and can produce more than 50% reduction in seizures in another one-third of patients. No single anticonvulsant controls all types of epilepsy. Different patients require different drugs, and some may require multiple drugs. There remains a high unmet medical need for new, more effective and better tolerated drugs which treat seizure disorders. (Source: The Epilepsy Foundation). Datamonitor estimates that the worldwide market for antiepileptic drugs is estimated to grow to be $4.9 billion by 2019.
About YKP3089
Excerpt from:
SK Biopharmaceuticals Drug Program Wins Funding Support from Korean Government