Hyundai ADM Bio said on the 20th that it held a board meeting on the 19th and approved a partial amendment to its articles of incorporation to change its name to "Penetrium Bioscience."
The new name carries forward the name of its drug "Penetrium." It signifies penetration that breaks through the barriers of tumor tissue and triumph in conquering cancer.
The name change is set to be finalized at the regular shareholders meeting on Mar. 6.
Starting with the name change, the company plans to swiftly push ahead with clinical trials for hard-to-treat cancers such as prostate, lung, and breast cancer, and to ramp up commercialization strategies including partnerships and technology transfers with global pharmaceutical companies.
Chief Executive Cho Won-dong said, "The name change means the company's identity has shifted from simple clinical support to a 'first-in-class' new drug corporations," adding, "We will ensure that the various clinical trials of Penetrium scheduled for this year proceed smoothly."