Ildong Pharmaceutical's subsidiary for new drug development has received news that its candidate drug for pulmonary fibrosis has been designated as an orphan drug by the U.S. Food and Drug Administration (FDA), leading to a rise in Ildong Pharmaceutical's stock price.
On the 14th, Ildong Pharmaceutical's stock was traded at 11,820 won on the KOSPI market at 9:30 a.m. The stock price rose by 4.23% (480 won) compared to the previous trading day, continuing its upward trend. It even reached 12,500 won during the day.
It appears there was a surge in buying interest due to news that iLeadBMS, a subsidiary of Ildong Pharmaceutical Group involved in new drug research and development, has received orphan drug designation from the FDA for its candidate drug for pulmonary fibrosis, 'IL21120033.'
Lee Yoon-seok, Chief Scientific Officer (CSO) of iLeadBMS, noted, "Through research conducted so far, we have confirmed the anti-fibrotic efficacy of IL21120033," adding, "As the value of the new drug substance is recognized through the FDA's orphan drug designation, we will accelerate follow-up tasks such as safety evaluations (Good Laboratory Practice) and clinical trial application (Investigational New Drug) approvals."
iLeadBMS is a specialized company for new drug research and development founded in 2020. In addition to targeted protein degradation (TPD) drugs, it possesses multiple pipelines in fields such as solid tumors, fibrosis, and neurodegenerative diseases. The company is currently engaged in various projects, including clinical development and investment attraction.