Oncocross, a leading AI drug discovery and development biotech based in Seoul, has announced the expansion of its collaboration with JW Pharmaceutical to develop groundbreaking new drugs using artificial intelligence in the fields of anticancer and regenerative medicine. The joint research agreement, signed on May 22nd, aims to identify and verify development possibilities for new indications for JW Pharmaceutical's 'first-in-class' drug pipeline.
The collaboration will utilize Oncocross's proprietary AI platform, RAPTOR AITM, which is designed to screen the optimal or additional indications for drug candidates or existing drugs. The platform provides AI capabilities necessary for pharmaceutical companies' new drug development, offering higher accuracy, reduced cost, and shorter development time compared to traditional methods.
This expanded collaboration follows a previous joint research agreement signed in 2022, which focused on identifying new indications for drug candidates. The initial partnership yielded positive data on expanding an orphan disease indication for a new drug candidate, prompting JW Pharmaceutical to establish a follow-up development plan.
Having already verified the effectiveness of the RAPTOR AITM technology, JW Pharmaceutical anticipates a reduction in the time required for new indication screening and an increased probability of success in clinical studies for their 'first-in-class' drug pipelines. The company recognizes the importance of innovation in the pharmaceutical industry and the substantial costs and time associated with discovering new drug candidates and indications.
JW Pharmaceutical emphasized its commitment to pursuing diverse partnerships with innovative local and global biotech companies that possess new technologies, such as Oncocross, to enhance their research and development capabilities.
Dr. Yirang Kim, CEO of Oncocross, highlighted the significance of this follow-on collaboration, stating that it demonstrates the recognition of the utility and commercial value of RAPTOR AITM in the market. He further expressed Oncocross's dedication to setting examples of collaboration between large pharmaceutical companies and biotech in the AI drug development field.
The collaboration between Oncocross and JW Pharmaceutical underscores the growing importance of AI in the pharmaceutical industry, particularly in the areas of drug discovery and development. By leveraging advanced AI technologies, companies can streamline the drug development process, reduce costs, and increase the likelihood of success in bringing innovative new therapies to market.
KRX: 001060
Price: ₩45,500
Change: + 2.8%
The 50-day moving average is ₩43,250, and the stock is trading above this level, indicating a bullish sentiment. The MACD indicator shows a positive crossover, suggesting momentum in the stock's favor. Fibonacci retracement levels indicate potential support at ₩45,100 (38.2% retracement) and ₩44,400 (61.8% retracement). Bollinger Bands are narrowing, which may suggest a period of lower volatility in the near term. Overall, the technical analysis suggests a positive outlook for JW Pharmaceutical's stock, with the potential for further upside as the company continues to collaborate with innovative biotech companies like Oncocross to develop new drugs using AI in the areas of anticancer and regenerative medicine.
