Daewoong Pharmaceutical Co.’s Phase 1 clinical trial protocol for its dewormer niclosamide as a potential treatment of Covid-19 symptoms has been authorized by Aussie health authorities.

The Korean pharmaceutical company said on Monday it will initiate its planned study in about 30 healthy adults in Australia from November to evaluate the safety and tolerability of DWRX2003, a niclosamide compound that is known to be effective in fighting off the virus by activating cell autophagy.

DWRX2003 is being repurposed in the form of an extended-release solution based on Daewoong’s proprietary drug delivery technology.

Daewoong Pharmaceuticals shares rose 1.47 percent on Tuesday and finished at 103,500 won ($90.85).

The company said DWRX2003 demonstrated efficacy against novel coronavirus and influenza in an animal in-vivo model, raising hope to fight a “twindemic,” in which the Covid-19 pandemic and seasonal influenza overwhelm global medical facilities. Its R&D unit Daewoong Therapeutics Inc. previously announced a plan to develop a treatment that can fight against the so-called twindemics, using DWRX2003.

Daewoong plans to have a meeting with the Food and Drug Administration for a Phase 2 clinical study in the United States once safety data become available in Australia following already established data in India.

The Aussie trial will provide pivotal data for further clinical trials of DWRX2003 in advanced markets, the company’s chief executive Jeon Seung-ho said, adding the company is preparing to launch Phase 2 and 3 trials in the U.S., Europe and Korea.

By Chung Seul-gi and Minu Kim

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