HanAll Biopharma Co., Ltd. (KRX: 009420.KS) and Daewoong Pharmaceutical Co., Ltd. (KRX: 069620.KS) announced that they have entered into a co-development agreement with NurrOn Pharmaceuticals Inc., a Boston-based preclinical-stage biopharma. NurrOn is focused on the discovering and developing novel therapies for people with neurodegenerative diseases including Parkinson's disease (PD) by targeting Nurr1, the master regulator for dopaminergic neuron development and maintenance. HanAll and Daewoong also participated in a Series A funding of NurrOn in 2021.

• Phase 1 clinical trial is expected to be initiated in 2023

NurrOn was founded by Kwang-Soo Kim, Ph.D., Professor and Director of the molecular neurobiology laboratory at Harvard Medical School, and Deog Joong Kim, Ph.D. and was seed-funded by George A. Lopez, M.D., former CEO of ICU Medical, Inc. Using the technology, NurrOn is advancing the development of its lead compound ATH-399A, which potentially slows the progression of the disease in PD patients by activating Nurr1, a class of proteins crucial to the development and maintenance of dopamine in the brain.

Under the agreement, the companies will combine their expertise and resources in developing NurrOn's ATH-399A as well as other compounds targeting Nurr1 for the treatment of neurodegenerative disorders.

"We are excited to move into the next phase of collaboration with NurrOn continuing to build on the partnership which was originally established in 2021. This partnership would allow us to join our resources and expertise in developing new medicines for patients with PD worldwide," said Sean Jeong, M.D., MBA, CEO of HanAll Biopharma.

"NurrOn has completed the preclinical development of ATH-399A and plans to enter a Phase 1 clinical trial this year. We expect great synergy through the joint collaboration between NurrOn, HanAll Biopharma and Daewoong Pharmaceuticals, especially given their great clinical development expertise." said Deog Joong Kim, Ph.D., CEO of NurrOn Pharmaceuticals.

In addition to proceeding towards a Phase 1 trial of its Parkinson's therapy candidate ATH-399A, the partners will continue to explore the potential of ATH-399A in other neurodegenerative diseases.