Taipei, Taiwan, 13th September 2023 / Sciad Newswire / BRIM Biotechnology, Inc. ("BRIM," TPEx 6885), a clinical-stage biotechnology company focusing on developing regenerative peptides for ophthalmology and degenerative joint diseases, announced today that 22,500 shares have been issued at a premium of NT$65 (~US$2.03), raising a total of NT$1.4625 billion (~US$45.8 million). The rights issue was fully paid on 31st August 2023, four days early compared to the scheduled date of 4th September.
The fund will be used to accelerate the development of several assets within BRIM’s pipeline, including the ongoing phase 3 trial of lead asset BRM421 for dry eye disease (DED) in the US and the enrollment of the phase 2 trial of BRM424 for neurotrophic keratitis (NK). BRIM will also progress the development of BRM521 for osteoarthritis, as well as assessing other applications of its innovative Pigment Epithelium-Derived Factor (PEDF) derived Short Peptide (PDSP) platform.
Under the leadership of Mr. Andrew Lin, the Chairman of BRIM, who is also the Chairman of TaiRx Inc. and Nuwa Healthcare and the managing partner of Affinity Capital, BRIM completed the NT$1.4625 billion fundraising four days earlier than expected, thanks to the trust and support of both existing and new shareholders.
Mr. Lin commented, “I would like to express special thanks to both our original shareholders and new investors for their belief in BRIM. The early completion of this rights issue is a great endorsement from our investors that they are confident in BRIM’s future. It also indicates that BRIM’s operation and current development are recognized by the market to have great potential.”
As well as closing early, the rights issue was over-subscribed, with the demand exceeding NT$3 billion, more than twice the planned fundraising target. Because the share subscription by original shareholders and employees in this round exceeded 70%, Mr. Lin apologized to disappointed investors for the limited availability.
After this round, BRIM's largest shareholder is Affinity Health Fund One, L.P. with 10.37% of shares. Affinity Health Fund Two, L.P. also acquired positions with 2.66% of shares. Both funds are managed by Affinity Capital, Inc. which controls 13.03% of the company’s shares.
BRIM’s regenerative peptides, developed from its proprietary PDSP platform, have neurotrophic effects and can activate stem cells. This unique mechanism of action promotes the proliferation and differentiation of the limbal stem cells around the damaged cornea to repair corneal wounds. The PDSP platform can be applied across multiple therapy areas and indications, including the stimulation of mesenchymal stem cells (MSCs) to regenerate cartilage and help treat osteoarthritis.
BRIM's Chief Executive Officer, Dr. Wen Chyi Shyu, commented, “We are on track to achieve our product development milestones for the year. This additional funding will help to speed up the development of our current clinical trials and enable us to expand and diversify our pipeline. We are cautiously optimistic that, subject to the outcomes of the phase 3 trial, BRM421 could become the first-line and first-in-class treatment for DED and help to improve the daily lives of people impacted by this debilitating eye disease in the near future.”
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Notes for Editors
About BRIM Biotechnology, Inc.
BRIM Biotechnology, Inc. was established in July 2013 to accelerate the development and transformation of early research technology platforms to clinical drug candidates. BRIM applies efficient translational science to develop new treatments that help combat and cure disease. The company’s virtual business model combined with its proprietary PDSP technology platform bridges the gap between research and clinical development faster, de-risks the process, and accelerates the progression of early-stage candidates in indications with high unmet medical needs. BRIM has three lead products in the pipeline: BRM421, BRM424, and BRM521, all of which are developed from its PDSP technology platform. Lead asset BRM421 for Dry Eye Disease initiated Phase 3 clinical trials in 2022 and is expected to produce topline results at the end of 2023. BRM424 for neurotrophic keratitis will also enter a Phase 2 trial in the US this year. For more information, please visit www.brimbiotech.com.
Further information about Dry Eye Disease
DED is a complicated disease with multiple causes. According to Global Data, the global DED market was worth approximately USD 3.9 billion in 2018. This is predicted to reach over USD 11 billion in 2028 with a CAGR of 10.6% . Due to the widespread use of electronic screens, prolonged wearing of contact lenses, and the increasing frequency of myopia laser surgery, the global dry eye population has risen rapidly in recent years, especially amongst younger age groups. In addition, research suggests that COVID-19 patients have a higher risk of developing DED .