Bukwang Pharmaceutical Co., Ltd. announced that they agreed to invest 2 mil. USD in Acer Therapeutics Inc., a US company specialized in developing ultra-orphan drugs. This investment is the second of its sort following the first 2 mil. investment in July, increasing Bukwang’s ownership of Acer’s shares to 13%.
Acer Therapeutics is a company based in the US, focused on developing drugs for ultra-orphan diseases. Two of their pipeline projects, Acer-001 and Acer-002, have already received Orphan Drug Designation from the US Food and Drug Administration (FDA). Acer plans to submit the New Drug Application (NDA) to the US FDA for Acer-002 at the end of this year or early next year. Funds raised this time shall be used to support preparation of the NDA of Acer-002 and development of Acer-001.
Target indication of Acer-002 is vascular Ehlers-Danlos syndrome (vEDS), a fatal genetic disease affecting connective tissues. Acer-001 is under development for treatment of maple syrup urine disease (MSUD) and urea cycle disorders (UCD). MSUD is a genetic disease that disrupts amino acid metabolism, while UCD is a serious genetic disease affecting ammonia metabolism.
“We are focusing on R&D for new drug development. We will continue to participate in development of orphan diseases as part of this effort. Our plan is to keep looking for more opportunities to expand our overseas business,” Bukwang’s representative said.