Huons Group announced that its research and development (R&D) investment in the first quarter of this year was 17.8 billion won, a 34% increase from 13.3 billion won during the same period last year. This is a reflection of the clinical trial expenses for new drug candidates. Huons Group explains this as evidence of strengthening R&D.
Huons Group is celebrating its 60th anniversary this year. Since the establishment of its predecessor, Gwangmyeong Pharmaceutical Company, in 1965, the group has diversified its business into pharmaceuticals, medical devices, health supplements, and beauty products. Huons developed the first plastic injection container and single-use preservative-free eye drops in Korea. The plastic injection container solved the problem of glass powder entering when opening glass ampoules. The preservative-free eye drops reduced patient side effects.
Currently, Huons's flagship product is a local anesthetic that includes lidocaine. Based on production performance, the market share for local anesthetics stands at 82% for the single lidocaine product and 87% for dental anesthetics. When including contract manufacturing, the market share for dental anesthetics is estimated at 92%.
Huons has also received product approvals from the U.S. Food and Drug Administration (FDA) for lidocaine hydrochloride and bupivacaine hydrochloride products. It holds seven approved products, including multi-dose vials of 1% and 2% lidocaine injections.
Recently, Huons Group has been expanding its R&D in new drugs, reformulated drugs, health supplements, and medical devices. In December last year, Huons acquired PanGen Biotech, a contract development and manufacturing organization (CDMO) for biopharmaceuticals. PanGen has developed a biosimilar treatment for anemia.
Huons Biopharma's wrinkle improvement product, botulinum toxin Rizztox, has added therapeutic indications for cosmetic purposes. It can be used to improve spasticity in upper limb muscles of stroke patients. Huons Biopharma introduced the miracle injection MRC101, which breaks down fat, last November. It completed Phase 1 clinical trials and has entered Phase 2a. Additionally, it is developing a treatment for dry macular degeneration in collaboration with the Korea Institute of Science and Technology (KIST) since December last year.
Huons Lab is conducting a domestic Phase 1 clinical study for human-derived hyaluronidase approval. Hyaluronidase is a substance that temporarily breaks down subcutaneous hyaluronic acid to enhance drug diffusion. It completed the final patient enrollment for clinical trials in May. Plans are in place to apply for product approval within the year based on the clinical trial results. Song Su-young, CEO of Huons Global, noted, "Presenting medical solutions for human health is the group's vision," adding, "We will strengthen our global competitiveness through R&D."