Updated on 30 April 2012
CrystalGenomics that became public limited in 2006 by listing it on KOSDAQ exchange attracted leading names in Korean pharma industry with Hanmi Pharmaceutical, the third largest pharma in Korea, acquiring minority stakes for $30.6 million.
CrystalGenomics entered into an alliance with a leading US-based venture capital firm, ProQuest Investments to identify and develop orally administered drugs that modulate the HIF prolyl hydroxylase enzyme system. Under this agreement, it received up to $6 million in upfront and initial research funding from Palkion, in addition to development and sales milestone payments of more than $200 million.
Over a decade, CrystalGenomics has created total assets of $50.1 million (as in 2008) and generated sales of $4.4 million and CG Pharmaceuticals, its subsidiary company, has generated $4.1 million.
CrystalGenomics has set both short and long-term goals to achieve a mission to provide patients with highest quality products through innovations that will improve patients' quality of life.
Sharing his future plans, Dr Joong Myung Cho, says, "Our short-term goal is to become a leading drug discovery and development company beyond SouthKorea. We plan to accomplish this through successful partnering for our lead candidates that have reached phase II stage. We believe that partnerships in the form of either out-licensing or co-development with global players will result in significant improvement of timelines and therefore, will ensure steady stream of revenues through milestones and royalties."