【JP:529A】Stock Price

Lecmed is a drug discovery venture company with a mission to develop pharmaceuticals that meet people's needs. The company leverages research networks with domestic and international bioventures and academic institutions to identify drugs for unmet medical needs where effective treatments have not yet been established, and conducts Phase III clinical trials under its own leadership. Its distinctive feature is that it does not license out drugs during development but instead acquires manufacturing and marketing approval independently, thereby enhancing profitability.

The company's customers are primarily medical institutions and pharmacies, and it adjusts its revenue structure according to patient numbers. For rare diseases with fewer than 200 patients or fewer than 100 facilities, it conducts direct sales; for larger-scale diseases, it opts for sales partnerships with other companies. Revenue is composed of pharmaceutical sales operations (sales of marketed drugs), pharmaceutical development operations (revenue from programs under development), and consulting operations (contract fees, etc.), operating as a single pharmaceutical business segment.

The company's flagship product is "Ofacolcap 50mg," a treatment for bile acid synthesis disorder, which has been on the market since June 2023. In its development pipeline, sodium pentosan polysulfate as a treatment for osteoarthritis of the knee is the most critical program, with Phase III clinical trials beginning in December 2024. As a disease-modifying agent that acts systemically through subcutaneous injection, this drug aims to deliver therapeutic effects through a novel approach distinct from conventional pain relievers.

Lecmed operates under the corporate mission of "sharing expertise in the biopharmaceutical industry and contributing to the health and prosperity of people worldwide." The company pursues a balanced strategy of developing orphan drugs and pharmaceuticals with high growth potential. It has set clear medium-term targets: completing enrollment of 160 subjects in Phase III trials by March 2027, submitting a manufacturing and sales approval application by March 2028, and obtaining approval by March 2029, with progress tracked on a monthly basis. Currently, the company operates on a development-focused business model, with sales of ¥479.4 million against selling, general and administrative expenses of ¥481.9 million for the fiscal year ending March 2025. It aims to strengthen its revenue base as its pipeline advances.

The company's priority investment areas are orphan drugs for rare diseases such as congenital metabolic disorders and osteoarthritis treatment drugs. In the orphan disease field, it began selling "Ofacol Capsule 50mg" in June 2023 and is intensifying outreach to neurology and ophthalmology societies to expand its indication to cerebrotendinous xanthomatosis. For polysulfated pentosan sodium as an osteoarthritis treatment, the ongoing Phase III trial targets enrollment of 160 subjects, with 53 enrolled as of February 2026. A sales agreement with Teikoku Seiyaku was concluded in September 2024, establishing the sales infrastructure for post-approval commercialization.

In market development, the company is actively expanding from its existing pediatrics-focused network into adult medical specialties. For cerebrotendinous xanthomatosis specifically, while approximately 60 patients are reported domestically, epidemiological research suggests an incidence of approximately 1 in 64,000 in East Asia, indicating significant untapped market potential. For osteoarthritis, the company targets the large patient population in an aging society, aiming to enter the market with a disease-modifying approach distinct from conventional symptomatic treatments.

In technological innovation, the company is advancing non-clinical studies including elucidation of the detailed mechanism of action of polysulfated pentosan sodium and nine-month repeated toxicity studies in dogs. It is also focusing on developing self-injection formulations for mucopolysaccharidosis and mucolipidosis indications to improve patient convenience. From May to June 2025, the company conducted a third-party allocation increase through the J-Ships program via FUNDINNО Corporation, securing an equity ratio of 71.2% as of January 2026, and continues to strengthen its research and development foundation through ongoing capital procurement.