[Asia Economy Reporter Hyungsoo Park] Hyundai Bio is showing strong performance. As South Korea recorded the highest number of new COVID-19 cases worldwide last week, expectations for the development of treatments to end the pandemic appear to have influenced the stock price.
At 9:37 AM on the 17th, Hyundai Bio was trading at 34,000 KRW, up 12.96% from the previous day.
Hyundai Bio announced that it will promptly proceed with clinical trials following the approval of the Phase 2 clinical trial plan for the oral antiviral CP-COV03 for COVID-19. They also plan to apply for emergency use authorization for CP-COV03 as soon as possible. When the virus invades cells to replicate, the cells engulf the virus; this 'host-directed' antiviral is the first of its kind developed purely with Korean technology.
CP-COV03, developed based on Hyundai Bio's unique drug delivery system (DDS) technology, overcomes the inherent limitations of the main ingredient niclosamide, such as low absorption rate and short half-life. It is the first domestically developed antiviral drug to successfully complete all stages of new drug development, including preclinical and Phase 1 clinical trials, and to enter Phase 2 clinical trials.
In particular, CP-COV03 is regarded as innovative compared to existing 'virus-targeted' antivirals that suppress viral replication. Since the mechanism involves cells removing the virus after invasion, taking the drug rapidly reduces the viral load in the body, allowing noticeable symptom relief quickly. Because the cells eliminate the virus, drug resistance seen in existing antivirals does not develop, and Hyundai Bio explains that it is effective not only against COVID-19 variants but also other major viruses.
CP-COV03 has been proven superior to existing antivirals in efficacy, safety, and versatility through preclinical and Phase 1 clinical trials. It is attracting attention as a game-changing treatment candidate amid the COVID-19 crisis.
To apply for emergency use authorization of CP-COV03, Hyundai Bio decided to increase the number of clinical trial participants from the original 120 to 300 and to conduct Phase 2a and 2b trials concurrently. This can shorten the clinical trial period by several months, allowing Hyundai Bio, a latecomer in COVID-19 treatment development, to reduce the time gap with global pharmaceutical companies. The Phase 2 clinical trial of CP-COV03 will be conducted at Bestian Hospital, a dedicated COVID-19 hospital.
A Hyundai Bio official said, "To end the COVID-19 crisis, it is time for innovative and effective treatments rather than vaccines," adding, "CP-COV03, which targets the host cells, is an innovative treatment with game-changing qualities comparable to or exceeding Tamiflu, which resolved the novel flu crisis over a decade ago."
Hyundai Bio has been recognized as a top treatment candidate during pandemic-level virus outbreaks such as SARS, MERS, Ebola, and Zika. It succeeded for the first time in the world in overcoming the bioavailability challenge of niclosamide, which scientists have struggled to solve for decades, through advanced DDS technology, leading to the development of CP-COV03.
South Korea recorded the highest number of new COVID-19 cases worldwide last week.
According to the World Health Organization (WHO) weekly epidemiological report on the 16th (local time), from the 7th to the 13th, the global number of new COVID-19 cases was 11,407,714, an 8% increase from the previous week. By country, South Korea reported 2,100,171 new COVID-19 cases during this period, the highest number of new cases. This was followed by Vietnam (1,670,627), Germany (1,350,362), the Netherlands (475,290), and France (419,632).
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