GL PharmTech is showing strength in early trading on the 23rd. It is interpreted that the buying momentum came after news that the company's eye dryness new drug has passed phase 3 clinical trials.
As of 9:37 a.m. on the same day, GL PharmTech is trading at 1,419 won, up 327 won (29.95%) from the previous trading day. It soared to the upper limit (the highest daily price limit) immediately after the market opened.
GL PharmTech noted that its new eye dryness candidate drug, 'Recoflavone,' which it is developing in collaboration with Aju Pharmaceutical, has proven its efficacy and safety in phase 3 clinical trials.
GL PharmTech acquired the rights to use Recoflavone through a licensing agreement with Dong-A ST in November 2017. Since then, it has conducted formulation improvement studies to enhance drug absorption in the eye for clinical success. With this phase 3 clinical trial demonstrating superiority over the placebo, it has passed the final stage for new drug commercialization.
An official from GL PharmTech said, "The domestic eye dryness market is worth 500 billion won this year and shows a strong growth trend every year," and added, "Recoflavone will emerge as a new option for treating eye dryness, being a product with fewer side effects and superior effectiveness compared to other products."