President of Latvia makes a surprise visit to Yonsei Cancer Hospital with his staff on the 28th
Signed an MOU regarding clinical research with the researcher who led the development of Recraza
Latvian President Edgars Linkevic (from the eighth from the left), Cho Byeong-cheol, head of the Daan Cancer Research Center at Yonsei Cancer Hospital, and Koh Kyung-mo, CEO of Eugene Investment & Securities, signed a memorandum of understanding (MOU) with major clinical organizations for the ‘Korea-EU Life Science Frontier Project’ on the 28th. Taking commemorative photos with officials at the ceremony. Photo provided by Daan Cancer Research Center
Cho Byeong-cheol, director of the Daan Cancer Research Center at Yonsei Cancer Hospital, is giving a presentation prior to the signing ceremony of the MOU (MOU) between major clinical organizations for the ‘Korea-EU Life Science Frontier Project’ on the 28th. Photo provided by Daan Cancer Research Center
“Blockbuster new drugs don’t just come out. “This is only possible when an ecosystem is established that is closely connected to hospitals in charge of cancer treatment, institutions in charge of medical education and research, and bio ventures specializing in new drug development.”
10:30 a.m. on the 28th. Latvian President Edgars Linkevic nodded repeatedly while listening to the presentation by Oncology Professor Cho Byeong-cheol at the Intermediate Therapy Center at Yonsei Cancer Hospital. President Linkevich, who is on a working visit to Korea, visited Yonsei Cancer Hospital in Seodaemun-gu, Seoul, accompanied by his staff, including the Latvian Ambassador to Korea and the Director of the Investment Development Agency, prior to the summit with President Yoon Seok-yeol. This is to sign a business agreement (MOU) between major clinical organizations for the ‘Korea-EU Life Science Frontier Project’, which is being carried out to strengthen cooperation in the pharmaceutical bio and clinical research fields. The hospital director of Paulstradins University Hospital (PSCUH), the largest local medical institution, and the CEO of Greendex, the No. 1 company in the biopharmaceutical industry, were also present.
It is reported that this visit was made in accordance with President Linkevich’s wish that Korea should have its own developed anti-cancer drugs like Korea. A new drug developed with domestic technology served as a bridge between the two countries.
It is said that the only interest of those who toured the country’s only intermediate treatment center under strict security was the development of new drugs. Professor Cho said, “I have been constantly asked about what should be done to develop a global new drug like Lecraza and revitalize the domestic bio industry.” “I was amazed by the sight and secretly envious,” he said.
Professor Cho, an authority on lung cancer, stood at the podium on this day as a leading figure in the U.S. Food and Drug Administration (FDA) approval of the domestically produced anticancer drug ‘Lecraza (ingredient name: Lazertinib)’, director of Yonsei-Ilhan Lung Cancer Research Institute, and director of the Daan Cancer Research Center. Daan Cancer Research Lab, which was started with two researchers in 2008 when he was an assistant professor, is currently carrying out about 100 new drug projects, including translational research and clinical research linking basic science and clinical trials. In addition to the preclinical trials of Lecraza, which is expected to become the first domestically produced new drug to become a blockbuster with annual sales of 1 trillion won, the company also personally took care of the preclinical and global clinical trials of the combination drug Librivant (ingredient name: amivantamab). The economic impact of Lekraza’s success is estimated at $600 million per year. The profits earned by Daan Cancer Research Center through translational research and clinical research over the past five years amounted to $27.8 million (about 38.8 billion won) and $30.7 million (about 42.8 billion won), respectively.
Eugene Investment & Securities, which has been in continuous communication with major Latvian government departments and related organizations to revitalize the bio-ecosystem of both countries, played a significant role in the conclusion of this agreement. The two sides plan to use this MOU as an opportunity to jointly develop and carry out global clinical bio projects and seek greater business opportunities connecting Asia and Europe. Professor Cho emphasized, “I hope that a virtuous cycle will be achieved by attracting investment from Latvia’s sovereign wealth fund,” adding, “I hope that this will lead to the effect of reviving the investment sentiment for domestic bio venture companies, which have recently greatly declined, and the new drug development ecosystem.”
