3 million dollars invested by Medici Investment
European Clinical phase 2 study of JM-010 to treat dyskinesia in Parkinson’s disease has been started
Contera Pharma ApS (“Contera”), a subsidiary of Bukwang Pharmaceutical, has booked 3 billion KRW series A financing from Medici Investment. The proceeds from the financing will go to speed up the European JM-010 phase 2 clinical study.
Medici Investment Co., Ltd. is a combined private equity and venture capital company. The firm has been growing up fast and is well known for its performance in identifying excellent investment opportunities.
Contera, a Danish company focusing on developing treatment for CNS (Central Nervous System) disorders, was acquired by Bukwang Pharmaceutical in 2014. Contera is currently developing JM-010 as a treatment for dyskinesia in Parkinson’s disease, which is a common side effect found in patients with Parkinson’s disease who have been constantly treated with L-DOPA.
Market for dyskinesia in Parkinson’s disease is estimated around 2 billion dollars USD with Gocovri® (generic name: Amantadine) is the only product approved by the USFDA to date.
Through phase 1 PK study in Germany and clinical proof of concept (PoC) study in South Africa, JM-010 has demonstrated excellent antidyskinetic effect without notable safety concern so far. Recently, an investigators’ meeting for the initiation of European phase 2 clinical study has been held in Germany. The study will enroll patients in Germany, France and Spain and is expected to be completed within 2 years. Additionally, a US phase 2 clinical study has also been planned. The pre-IND meeting has been conducted with the USFDA and Bukwang aims to submit the IND in second half of 2019.
An official of Bukwang says “Through this initial financing, we expect Contera Pharma to continue its growth as a specialist in CNS drug development. In addition, Bukwang will also implement its global open innovation strategy more actively and strengthen its European networks”