JW Pharmaceutical said on Oct. 29 it will invest 2 million pounds (US$2.57 million) in UK biotechnology firm Argonaut Therapeutics which develops epigenetically-acting drugs for the treatment of cancer.
The Korean drug maker will acquire 25 percent stake in the company to become the second-largest shareholder and will have management rights in the Oxford-based firm, it said.
Argonaut Therapeutics is a startup biotech founded at the University of Oxford in 2016. Oxford Sciences Innovation, which specializes in investments in spin-offs from the university’s technology, mathematics, physical, life science and medical science departments is its largest shareholder.
The firm is conducting preclinical studies for inhibitors of protein arginine methyltransferase-5, or PRMT5, as a potential treatment for glioblastoma, pancreatic cancer and metastatic gastric cancer.
“Argonaut Therapeutics’ PRMT5 inhibitor is expected to have superior efficacy and safety profile due to its high target selectivity compared to drugs being developed by other companies,” a JW Pharma official said.
By Park Han-na (firstname.lastname@example.org