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Daewoong Pharmaceutical has finalized strategic collaboration plan with Elcom Science.
Day : 2008-09-29

Daewoong Pharmaceutical has finalized strategic collaboration plan with Elcom Science.

Daewoong Pharmaceutical has announced the strategic cooperation with Elcom Science (CEO: Hak Joong Kim), a natural pharmaceutical product company.

Daewoong Pharmaceutical has joined forces with Elcom Science on a natural dementia treatment product, ESP-102. Daewoong has gained the exclusive sales rights to ESP-102 and in return Elcom Science will receive a contract fee and royalties until the product receives a patent license.

ESP-102 was solely developed by Elcom Science and in laboratory tests conducted on animals, it improved cognitive functions and retained and prevented oxidation of nerve cells. It is anticipated that ESP-102 will be an effective treatment against dementia.

Dementia is the progressive decline in cognitive function due to damage or disease in the body and is an illness in which affected areas of cognition may be memory, attention, language, and problem solving. There is currently not a treatment that is available to alleviate these symptoms. There are currently 240 million sufferers of dementia throughout the world and 1.2 million sufferers within Korea alone with the numbers continuing to increase. 30 million dollars are spent on dementia treatments each year throughout the world and a hundred billion KRW is spent in Korea.
Daewoong has recently been investing in C&D(Connection & Development) has since made movements in improving R&D for globalizing new medicinal products, natural products, biotechnology, and generic drugs. In particular, Daewoong is looking to made contributions to the surging central nervous system (CNS) treatment market by reinforcing its product pipeline.

With the aging population continuing to increase each year, Daewoong plans to supplement ESP-102 with CNS treatment products.

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