MEdPACTO

Using HITS’ platform for AI-based drug discovery…building new business models for drug development

February 11, 2022 – MedPacto, Inc (KOSDAQ: 235980), a genome-based drug discovery and clinical-stage biotechnology company, announced that it has partnered with HITS, an AI drug discovery company, to co-develop new drugs.

Under the terms of the agreement, the two companies will practice drug development research, technical development, business cooperation, etc. More specifically, the companies will focus on securing new technologies and sharing research data, building new business models for drug development, and business cooperation.

As an AI drug discovery company, HITS is providing drug development platform services to varying pharmaceutical companies and research centers. The AI-based HITS Platform discovers novel drug candidates for the target proteins. Not only can HITS Platform increase the possibility of discovering promising drug candidates but also reduce its time and costs significantly.

MedPacto, focusing currently on discovering additional drug candidates other than its TGF-β(transforming growth factor-beta) inhibitor, Vactosertib, is planning to accelerate the process of discovery and development of new drug candidates by cooperating with HITS.

Biotechnology companies and pharmaceutical companies such as GC Pharma and Daewoong are expanding their cooperation with AI-based drug development companies as using artificial intelligence algorithms can reduce time-consuming and cost burdening processes such as discovering and verifying drug candidates. Cooperation between Biotechnology companies and AI-based drug development companies is becoming a trend in the field.

“By using HITS’ artificial intelligence-based drug development platform, MedPacto is expecting to accelerate the process of discovering drug candidates.”, stated MedPacto representative.

MedPacto signed an agreement with Lunit, a company focusing on artificial intelligence medical software, to cooperate on R&D.