Daewoong Pharmaceutical Co. has spun off a biotech company called iN Therapeutics dedicated to drug discovery and development in a more targeted and productive manner.

The Korean pharmaceutical company said on Tuesday it has set up an independent drug research & development entity, iN Therapeutics, through a demerger to improve its business competitiveness as a healthcare company through R&D flexibility and outcome-driven innovation.

The new company will initially focus on a robust pipeline of a non-narcotic analgesic (DWP17061), and sensorineural hearing loss and brain disease therapies in addition to a drug development platform.

Park Chong-deok, former R&D director of Kolon Pharmaceutical, was appointed as the first CEO of iN Therapeutics.

The company plans to complete its series A financing within this year to raise funds for preclinical and clinical development of a non-narcotic analgesic and a hearing loss treatment.

Daewoong Pharmaceutical shares finiched Wednesday 1.28 percent down at 115,500 won ($98.30).

By Kim Si-gyun and Minu Kim

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