South Korea-based SK Biopharmaceuticals has announced that the state-run Korea Drug Development Fund (KDDF) has decided to support and finance the company's development of SKL27969, which is being evaluated as potential treatment for patients with advanced solid tumors, widening SK Biopharmaceuticals' area into oncology.

The KDDF is a government fund that aims to support R&D for new drug development as part of efforts to advance Korea's pharmaceuticals and biotechnology sectors.

A phase 1/2 clinical trial is being conducted under the US IND for SKL27969, a PRMT5 inhibitor, in adult patients with solid tumors for safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary efficacy.

SK Biopharmaceuticals said the KDDF's two-year investment in the study will help the company and its US subsidiary SK Life Science, Inc. to accelerate their clinical (Phase 1) and nonclinical trials, while expanding its oncology network.