Haitron "No Issues with GPCR and New Drug Development... Agreement on US Clinical Trials and Obesity Treatment Development"

Haitron announced on the 5th that it has signed a strategic partnership agreement with GPCR, a targeted anticancer drug developer, to jointly promote projects including clinical trials for multiple myeloma treatments in the United States and the development of obesity treatments.

This agreement was made to alleviate market concerns that the delay in Haitron's investment in GPCR might derail the new drug development efforts and to clarify the relationship and roles between the two companies.

Last September, Haitron issued convertible bonds (CB) to invest in GPCR and pursue a share swap, but the Korea Exchange halted the process, citing concerns of a backdoor listing. This raised fears that the new drug development business, announced as a new venture, might be canceled.

Haitron and GPCR agreed to clearly define their roles in new drug development within the scope that does not result in a corporate merger. Haitron will provide financial support, while GPCR will be responsible for new drug development.

Specifically, among GPCR’s pipeline, they will jointly work on all areas of new drug development including: ▲ hematopoietic stem cell mobilizers currently undergoing clinical trials targeting multiple myeloma patients in the U.S., ▲ expansion of indications for immuno-oncology drugs targeting acute myeloid leukemia and solid tumors such as pancreatic cancer, ▲ discovery and development of obesity treatments targeting GPCRs, and ▲ verification of new targets such as solid tumors, genetic diseases, idiopathic pulmonary fibrosis, and obesity, candidate screening, patent application and rights acquisition, preclinical studies, clinical trials, and regulatory approval.

This agreement marks a decisive step for GPCR’s rapid bio-business commercialization. Established in 2013, GPCR specializes in anticancer drugs targeting various cell membrane proteins that make up the cell surface. GPCR is the world’s first company to target 'GPCR heteromers,' which are pairs of two different GPCRs.

Additionally, GPCR is also pursuing the development of obesity treatments. Since major obesity drugs including Wegovy target glucose-dependent insulinotropic polypeptide (GIP), glucagon, amylin?all of which are GPCRs?the company anticipates the possibility of developing competitive treatments.

The issue lies in clinical funding. Initially, Haitron was to provide financial support for GPCR’s clinical trials, but due to the Korea Exchange’s backdoor listing concerns, there is a risk that the clinical schedule could be disrupted.

An official stated, "To keep promises with GPCR’s management and investment institutions, we judged that proceeding with clinical trials without issues is more important than further negotiations with the exchange," adding, "Through this agreement, we will actively communicate that there are no problems in promoting the bio-business with GPCR."