Foresee Pharmaceuticals Announces Completion of US$42.3 Million Financing
27 Jun 2023
Phase 2Drug ApprovalPhase 3
TAIPEI, June 27, 2023 /PRNewswire/ -- Foresee Pharmaceuticals (TPEx: 6576), ("Foresee") announces that it has successfully completed an underwritten public offering of 17,500,000 shares of its common stock to the public at a price of NT$75 per share. The aggregate gross proceeds to Foresee from the offering were NT$1,312.5 million (or US$42.3 million at FX=31).
"We are pleased to announce the successful completion of the public offering. I would like to express my gratitude once again for shareholders' full support and trust in us," said Dr. Ben Chien, Founder and Chairman of Foresee. "Moving forward, we are excited about the prospects and opportunities ahead of us."
The proceeds of the public offering will be used for general corporate purposes, including FP-001 (CAMCEVI), a ready-to-use 6-month leuprolide injectable, in a Phase 3 clinical trial for central precocious puberty (CPP), FP-045, an ALDH2 activator, in a Phase 1b/2 clinical trial for Fanconi Anemia, and FP-025, an MMP-12 inhibitor, in a Phase 2 POC study for respiratory disease.
Foresee is a Taiwan and US-based biopharmaceutical company listed on the Taipei Exchange (6576.TWO). Foresee's R&D efforts are focused in two key areas, namely its unique stabilized injectable formulation (SIF) long-acting injectable technology with derived drug products targeting specialty markets and secondly, its transformative preclinical and clinical first-in-class NCE programs targeting rare and severe disease areas with high unmet needs.
Foresee's product portfolio includes late and early-stage programs. CAMCEVI® 42 mg, for the treatment of advanced prostate cancer, is now approved in the U.S., Canada, and EU, and launched in the U.S. in April, 2022. Additionally, U.S. and EU regulatory submissions are under preparation for CAMCEVI® 21 mg, the U.S. regulatory submission is anticipated in 2024. The second indication of CAMCEVI® 42 mg– central precocious puberty (CPP), the phase 3 clinical study is currently being initiated. FP-025 – a highly selective oral MMP-12 inhibitor targeting inflammatory and fibrotic diseases, a Phase 2 proof-of-concept study in allergic asthmatic patients, the study has been completed with positive outcome. FP-045 – a highly selective oral small molecule allosteric activator of ALDH2, a mitochondrial enzyme, for which a Phase 1b/2 Fanconi Anemia study is currently being initiated, and a P2 study in pulmonary hypertension group 3 patients is in planning. www.foreseepharma.com
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Organizations
Indications
Hot reports
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Leverages most recent intelligence information, enabling fullest potential.