[THE INVESTOR] Korea’s Ildong Pharmaceuticals has invested US$3 million in Antriabio, betting on the US-based biotech firm’s early-stage long-acting insulin candidate AB101, according to sources on July 21.

“The strategic investment was designed to secure domestic marketing rights in the case Antriabio succeeds in developing AB101,” an Ildong official said. 

Based in Colorado, Antriabio which specializes in metabolic diseases such as diabetes, has also attracted funds from Korean drug maker Aju Pharm and US private equity firm Medici Investment, bringing the grand total to US$13 million.

Global pharma companies are currently working on a once-a-week insulin to provide less intrusive and cheaper treatment options for patients with diabetes. Currently, Novo Nordisk, Eli Lilly and Hanmi Pharmaceutical are conducting phase 1 clinical trials of their potential drugs.

In June, Antriabio filed an Investigational New Drug application with the US Food and Drug Administration for AB101, an injectable once-a-week basal insulin for type 1 and type 2 diabetes.

By Park Han-na (hnpark@heraldcorp.com)