BRIM Biotechnology, Inc. raises $20 million in Series E funding round
Taipei, Taiwan, 1st December 2022 / Sciad Newswire / BRIM Biotechnology, Inc. ("BRIM," TPEx 6885), a clinical-stage biotechnology company advancing novel regenerative therapies to help combat and cure ophthalmology and degenerative joint diseases, announced today that it has raised $20 million in its Series E funding round. This demonstrates the heightened interest and growing demand for new treatments for Dry Eye Disease (DED). News of this latest funding round comes as BRIM prepares to initiate the Phase 3 clinical trial for its lead asset BRM421 for DED in the US.
Since the company’s inception in 2013, BRIM has successfully developed several platform technologies, including the regenerative peptide technology (PDSP) upon which the lead asset BRM421 for the Phase 3 clinical trial is based. Two of the platforms were spun out as a new company, Ascendo Biotechnology, to reshape the future of immunotherapeutics. This series E funding investment will be used to accelerate the development of BRIM’s diverse pipeline of wholly-owned drug candidates as well as to invest in new innovation, leveraging BRIM’s extensive translation research experience.
"We are tackling chronic, life-limiting diseases using our proprietary stem cell regenerative Pigment Epithelium-Derived Factor (PEDF) derived Short Peptide (PDSP) technology platform to not only alleviate symptoms but to address and repair the damage caused by diseases. This funding round is the latest in a series of funding that has been planned strategically to enable the company to achieve its core mission of advancing discoveries into disease-modifying treatments that transform patients’ lives. We are unwavering in our commitment to bringing sustainable and affordable healthcare to the world. The oversubscribed interest from investors is an endorsement of BRIM’s solid foundations built on the strength of our team, our expertise in translational science, and the progress of our development programs to date. We look forward to initiating the Phase 3 clinical trial for BRM421 for Dry Eye Disease at this exciting time of new growth,” said Dr. Haishan Jang, the founder, Chairwoman and CEO of BRIM.
As of today, BRIM has submitted BRM421’s Phase 3 study protocol to the FDA and is ready to initiate the Phase 3 clinical trial as early as the end of this year. Founded in Taiwan, BRIM has over 70 global IPs for the PDSP platform and quality operation to meet international regulatory standards.
For investment-related inquiries, please contact: ir@brimbiotech.com
ENDS
For more information, contact:
BRIM Biotechnology, Inc.
Yi-Chun Maria Chen, PhD
T: 886 2 2659 8586 #110
E: BD@brimbiotech.com
Sciad Communications
Maria Patey / Sophie Protheroe
T: 020 3405 7892
E: BrimBiotech@sciad.com
Notes to 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 is expected to enter Phase 3 clinical trials in 2022. 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%1. 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 DED2.