Local News

Kurume-Based Venture Files for Bankruptcy Amid COVID-19 Drug Research

A venture company in Kurume City, which was engaged in joint research and development of a COVID-19 treatment with Fukuoka Prefecture, has filed for bankruptcy. The company, Bonac, established in 2010 and focused on researching and developing nucleic acid medicines, embarked on a project with the prefecture in 2020, which also received backing from the Japan Agency for Medical Research and Development. Despite securing a grant of 30 million yen from the prefecture and an anticipated 5 billion yen in support over three and a half years, the project was unable to demonstrate the drug’s effectiveness and was terminated. The company, which failed to produce marketable medical products from its other research endeavors, faced depleted research funds and deteriorating performance, leading to a debt of approximately 1.5 billion yen. Bonac’s bankruptcy application was filed on February 9, with the Fukuoka District Court in Kurume expected to initiate bankruptcy proceedings. Source: NHK

Kurume-Based Venture Files for Bankruptcy Amid COVID-19 Drug ResearchPhoto by Christine Sandu on Unsplash

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Published: Feb 16, 2024 / Last Updated: Feb 16, 2024

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