[Special Stock] GL PharmTech Hits Upper Limit on News of Successful Phase 3 Trial for Dry Eye Drug

GL PharmTech hit the upper price limit. Investor sentiment was boosted by the news that the company succeeded in Phase 3 clinical trials of a new dry eye drug, the first of its kind in South Korea.

On the morning of April 23, immediately after the market opened, GL PharmTech soared to the upper price limit of 1,419 KRW, marking a new 52-week high.

GL PharmTech announced the previous day that the efficacy and safety of its dry eye drug candidate, Recoplavone, which is being co-developed with Aju Pharm, were proven in Phase 3 clinical trials. This is expected to become the first domestically developed new drug for dry eye treatment in South Korea. Previously, in 2017, GL PharmTech acquired the rights to use Recoplavone through a licensing-in agreement with Dong-A ST.

Dry eye disease is a condition in which decreased tear secretion or changes in tear composition cause dryness of the ocular surface, often accompanied by symptoms such as inflammation, a foreign body sensation, and stinging. The number of patients has been increasing recently, partly due to the rise in computer use. As of last year, the domestic market for dry eye treatments was estimated at 480 billion KRW.

GL PharmTech, together with Aju Pharm, plans to apply for new drug approval from the Ministry of Food and Drug Safety in the second half of this year, and aims for an official launch next year after completing procedures such as insurance price registration.