Rznomics said on the 19th it received research funding under the technology transfer agreement signed with U.S.-based Eli Lilly.
Rznomics signed a deal in May last year with Lilly for the development and commercialization of a therapy for hereditary hearing loss disorders, with a total contract value of $1.3 billion (about 2 trillion won).
The research funding, separate from the upfront payment, was provided for research and development and is not included in the total contract value. The amount was not disclosed by mutual agreement between the two companies.
The company said the amount is sufficient to conduct research on the pipeline in a stable manner.
A company official said, "Starting with hearing loss disorders with Lilly, we plan to seek an expansion of the collaboration scope to various intractable diseases, including the central nervous system (CNS)."