CrystalGenomics Selected as One of the ‘1000 National Representatives of Innovative Companies’

[Asia Economy Reporter Hyunseok Yoo] CrystalGenomics announced on the 13th that it has been selected as one of the government’s ‘Innovative Companies National Representatives 1000.’

The ‘Innovative Companies National Representatives 1000’ is a program by the Financial Services Commission that selects national representative innovative companies to lead innovative growth through collaboration with five government ministries (Ministry of Trade, Industry and Energy, Ministry of SMEs and Startups, Ministry of Science and ICT, Ministry of Health and Welfare, Ministry of Oceans and Fisheries).

The selected companies include innovative firms leading various innovative growth industries such as advanced manufacturing and automation, chemistry and new materials, energy, and information and communication. Companies were evenly selected across growth stages including early, mid, and late stages, with a focus on promising companies possessing high growth potential patents and core technologies.

CrystalGenomics is a bio company that bases its core technology on elucidating the structure of target proteins and discovering lead compounds and development candidates for new drugs based on this technology.

Since 2006, through R&D investments totaling 33 billion KRW, it succeeded in developing the osteoarthritis treatment drug ‘Aselex’ in 2015. Aselex is the 22nd domestic new drug and the first new drug developed by a domestic bio venture company.

Currently, it is developing Ivaltinostat as a treatment for pancreatic cancer. Recently, it received the first fast-track designation for an anticancer drug from the Ministry of Food and Drug Safety. Ivaltinostat is an epigenetic HDAC inhibitor that targets more HDACs compared to competing drugs with the same mechanism of action. It also has excellent selective inhibitory ability. Notably, it differentiates itself by regulating the tumor microenvironment, which is considered a major cause of drug resistance, thereby improving immune response.

Going forward, as CrystalGenomics’ innovation and technological capabilities have been verified, it will receive active financial support such as loans, guarantees, and investments (including expanded loan limits, interest rate reductions, and policy funds). In addition to financial support, it will also receive multifaceted support in non-financial areas such as management, financial management, and consulting.