Protinah is experiencing a surge in its stock price following the announcement of a joint research initiative with Onconic Therapeutics focused on next-generation cancer drugs.
As of 2:36 PM on July 15, Protinah shares were trading at 25,000 won, up 2,550 won (11.36%) from the previous trading day.
The increase in investor sentiment is attributed to Protinah's announcement that it has signed a strategic memorandum of understanding (MOU) with Onconic Therapeutics to collaborate on the research and development of next-generation cancer therapies.
Under this agreement, the two companies will work together on a new drug based on molecular glue technology, which is a form of targeted protein degradation (TPD). They also plan to collaborate in the area of next-generation antibody-drug conjugates (ADC).
Protinah aims to enhance the efficiency and success rate of candidate drug discovery by combining its antibody design technology with Onconic Therapeutics' expertise in cancer drug development. This partnership is expected to expand Protinah's platform beyond its existing drug pipeline and artificial intelligence (AI) antibody design business into the realm of next-generation modality drug development.
Yoon Tae-young, CEO of Protinah, stated, "The success of molecular glue and next-generation ADCs depends on how accurately we can interpret interactions. I hope that the combination of Protinah's platform and Onconic Therapeutics' experience in cancer drug development will lead to tangible candidate substances."
* This article has been translated by AI.
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