GC Pharma, a South Korean biopharmaceutical company, Monday announced its U.S. subsidiary Curevo Inc. has received U.S. Food and Drug Administration approval for a phase 1 clinical trial of CRV-101, an investigational herpes zoster vaccine. The study will enroll 90 healthy adults in the U.S.
CRV-101 is the first premium vaccine project for the Korean company formerly known as Green Cross Corporation and the newly established Seattle-based company represents an important next step in GC Pharma`s vaccine business. The new company will bring together GC Pharma`s commercial scale vaccine development expertise and deep understanding of protein science with IDRI (Infectious Disease Research Institute). Its goal is to develop an advanced herpes zoster vaccine that is differentiated from rival products.
The success of this project hinges on rapid development and differentiation compared to existing products, said Corey Casper, MD MPH, Chief Medical Officer of IDRI, responsible for the project. The global premium vaccine market is growing at a double-digit rate each year. The pharmaceutical industry expects that the value of the global herpes zoster vaccine market will double in the next decade from the current $800 million.
Its shares in Seoul closed Monday 1.1 percent higher at 137,000 won ($121.94).
By Kim Byung-ho and Minu Kim
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]