Dongsung Pharmaceutical’s new cancer R&D center in Daegu
South Korea’s Dongsung Pharmaceutical Co. opened a cancer research and development center in Daegu, southeast of capital city Seoul, on Thursday, adding impetus to its plan of developing cancer treatment business as its new growth engine.
Dongsung Pharmaceutical, which boasts 60 years of corporate history and mainly produces over-the-counter drugs and quasi-drugs, has been seeking to expand its reach out to the global medical market through cancer treatment drugs.
The company hopes its new cancer center can help it move a step forward to advancing its cancer treatment development. The pharmaceutical firm that is currently in partnership with local drug research and development support centers has been developing new anti-cancer agents and studying photodynamic therapy for cancer treatment since June last year.
The company aims to complete the development of a new photosensitizing agent, a drug used in photodynamic therapy for cancer treatment, at the Daegu cancer center by the end of this year, said Lee Yang-gu, chief executive officer of Dongsung Pharmaceutical.
Dongsung Pharmaceutical’s new cancer R&D center is established in a state-designed Daegu medical complex where 15 public institutions and 120 other private medical firms are settled.
Shares of Dongsung Pharmaceutical closed Thursday at 4,110 won ($3.68), up 1.23 percent from the previous session.
By Woo Sung-deok and Cho Jeehyun
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