[Special Stock] Samil Pharmaceutical Rises 11% on Success of Osteoarthritis New Drug Phase 3 Clinical Trial

The stock price of Samil Pharmaceutical is soaring more than 11% on the 17th.

According to the Korea Exchange, as of 10:31 a.m. on the same day, Samil Pharmaceutical is trading at 14,4320 won, up 11.84% (1,530 won) from the previous close.

This is attributed to the news of the successful Phase 3 clinical trial of a new osteoarthritis drug for which Samil Pharmaceutical has secured exclusive rights for domestic approval and sales.

U.S. biotech company Biosplice orally presented the results of the long-term extension study "OA-07" of the Phase 3 clinical trial for the knee osteoarthritis drug candidate "Lorecivivint" at the annual scientific meeting of the American College of Rheumatology.

Samil Pharmaceutical secured exclusive domestic distribution rights for "Lorecivivint" from Biosplice in 2021. The market expects that a new drug application will be submitted to the U.S. Food and Drug Administration (FDA) in the first half of next year.