Avixgen accelerates the progress on new drug pipeline development

- Pipeline development updates on age related macular degeneration,dry eye disease and atopic dermatitis

SEOUL,South Korea,May 24,2023 -- DxVx has released development updates on the pipelines of its recently acquired company,Avixgen. DxVx acquired about 63% stake of Avixgen,which is a new drug development company with strong pipeline in ophthalmic diseases such as age related macular degeneration,dry eye disease as well as atopic dermatitis.

Avixgen is currently focusing on dry eye disease which is believed to have the highest potential for commercialization. Avixgen completed Phase 1 clinical trials in Korea through Seoul National University Bundang Hospital,Seoul National University Hospital and Catholic University St. Mary Hospital and plans to conduct Phase 2 clinical trials in Korea and United States simultaneously. Avixgen's main goal for this pipeline is to develop a drug with the long lasting efficacy and reduce side effects comparing to existing drugs.

Treatments for age related macular degeneration are being developed as injections and eye drops. The new treatments are expected to have higher efficacy with less side effects owing to the novel mechanism different from existing treatments. In particular,in case of eye drops for age related macular degeneration,anti-angiogenic effects were confirmed at doses 5 to 20 times lower than those of existing drug in rabbit tests and still maintained the efficacy even 28 days after treatment,while the existing drugs' efficacy was completely disappeared. For the injection,Phase 1 clinical trials have been successfully completed at Seoul National University Hospital and Seoul National University Boramae Medical Center.

Atopic dermatitis treatment is being developed with a new mechanism to improve inflammatory diseases using non-steroidal substances. It is expected to reduce side effects such as itching and burning feeling,eczema and dermatosis triggered by conventional treatments. Phase 1 clinical trials is scheduled to resume in the first half of next year at Hyundai Asan Meical Center,Sinchon Severance Hospital and H Plus Yangi Hospital

An official from Avixgen said "Through participation in national drug development projects and collaboration with its parent company DxVx,we plan to expedite the pipeline development and pursue an IPO in 2025 ultimately"

Meanwhile,the global drug market for macular degeneration is expected to reach nearly $18 billion and almost $7 billion for dry eye drug market in 2030 (Source: biospace.com,market.us).