CrystalGenomics said that the main motive for this merger is to provide necessary tools and infrastructure for CrystalGenomics to transform into a intergrated BioPharmaceutical company with discovery, development and commercialisation capabilities.
CrystalGenomics stated that it has recently completed the Phase I SAD study for CG400549, its new antibiotic candidate in Europe and plans to begin the MAD study to complete Phase I studies. Additionally, its new NSAID candidate is in clinical Phase II stage and with CG200745, its molecular targeted cancer therapeutic candidate entering Phase I study shortly, CrystalGenomics is expected to have three drug candidates in clinical stage.
CrystalGenomics added that BexPharm merger is expected to enable it to independently develop and commercialise drugs without the need for partnering.
After the merger has been finalised, CrystalGenomics plans to utilise BexPharm’s network of pharmas, biotechs, and venture capital companies to license-in either marketed products or clinical stage new candidates.
Joong Myung Cho, president and CEO of CrystalGenomics, said: “Although this is a small scale merger, we are glad that the entire transaction was completed without having to use any of our cash.
“We expect to see synergy between CrystalGenomics’ discovery and development capabilities and BexPharm’s pharmaceutical business network with Korean hospitals. The revenue from our pharmaceutical business is expected to support our R&D.”