Aribio, a corporations specializing in new drug development for degenerative brain diseases, said on the 2nd that it appointed Vice Chair Sung Su-hyeon as the new co-CEO.
Incumbent CEO Jung Jae-jun will oversee research and development, global clinical trials and commercialization, and the completion of new drug development and scientific outcomes, while CEO Sung will handle overall management, business strategy, and fundraising.
Aribio is approaching key management milestones, including the completion of global phase 3 trials for its oral dementia treatment AR1001 under development and the release of top-line results. The company said, "Through joint leadership that closely integrates research and management, we will build a more stable and powerful foundation for growth."
CEO Sung is a co-founder of Aribio. From 2010 to 2019, Sung served as Aribio's CEO, and later, as vice chair, led fundraising and the establishment of research infrastructure and also contributed to laying a foundation for a stable revenue structure. In particular, based on research data on degenerative brain diseases including AR1001, Sung led the development of the dementia digital therapeutic "Herzion" and played a key role in launching institutional sector in functional cosmetics and health functional food, such as the hair loss solution "TeloAct."
The company plans to use this appointment to accelerate the successful commercialization of AR1001 and its leap into a global new drug development corporations.
Sung Su-hyeon said, "I have run silently toward the dream because I understand more than anyone the pain caused by dementia and the sorrow of families," adding, "With the belief that a dream we dream together becomes reality, I will do my best until the very last moment of the birth of the world's first oral dementia treatment."
Aribio is currently pursuing a merger with KOSDAQ-listed Solux. The scheduled merger date is July 10.