Taiwan-based BRIM Biotechnology, Inc. (TPEx 6885), a biotechnology company specializing in the development of regenerative peptides for ophthalmology and degenerative joint diseases, has announced the successful issuance of 22,500 shares at a premium of USD 2.03, raising a total of USD 45.8 million. The rights issue was fully paid on August 31, 2023, marking a four-day advance over the scheduled date of September 4.
Funding Allocation to Accelerate Clinical Trials and Pipeline Growth
The capital raised will be strategically utilized to bolster the development of several key assets within BRIM’s pipeline. This includes the ongoing Phase III trial of the lead asset, BRM421, for the treatment of dry eye disease (DED) in the United States, and the enrollment phase of the Phase II trial for BRM424, which targets neurotrophic keratitis (NK).
Progressing Osteoarthritis Treatment and Exploring PDSP Applications
Additionally, BRIM will focus on advancing the development of BRM521, a treatment for osteoarthritis, and will assess other potential applications of its innovative Pigment Epithelium-Derived Factor (PEDF) derived Short Peptide (PDSP) platform. The PDSP platform is a cornerstone of BRIM’s regenerative peptide technology, offering promising therapeutic prospects in the fields of ophthalmology and joint health.-Fineline Info & Tech
