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BRIM plans to launch a new funding round to accelerate late-stage clinical trial and initiate a new phase 2 trial for orphan drug BRM424 in the U.S
Taipei, Taiwan, 10th May 2023 / 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 the Board of Directors has approved a seasoned equity offering that will issue 20 to 22.5 million shares of new stocks priced at 60-80 New Taiwan Dollars (~USD 2-2.67) per share. A total of NTD 1.2 to 1.8 billion (~USD 40-60 million) will be raised to accelerate the development of several assets within its pipeline including the current phase 3 trial of lead asset BRM421 for dry eye disease (DED) in the US, and speed up the enrollment of the phase 2 trial of BRM424 for neurotrophic keratitis (NK). BRIM will also progress the development of BRM521 for osteoarthritis while also assessing new projects.
BRIM’s Chairman Andrew Lin, who is also the Chairman of TaiRx Inc. and Nuwa Healthcare and the Managing Partner of Affinity Capital, will be in charge of this round of fundraising. Based on his successful track record and his wealth of connections with seasoned investors, Chairman Lin is expecting a smooth closing in September, especially since BRIM has attracted many inquiries from potential investors after he took the helm of BRIM's Board of Directors. BRIM's largest shareholder currently is Affinity Limited Partnership Fund One with 12.78% of shares. As Affinity Capital was the lead investor for the last round, it is expected to maintain its leading position after this round.
The regenerative peptides developed from BRIM′s proprietary Pigment Epithelial-Derived Factor (PEDF) Derived Short Peptide (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 the cornea wound. This action has the potential to 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 CEO, Dr. Wen Chyi Shyu commented, “We are on track to achieve the product development milestones established for the year. This additional funding will help 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 treatment for DED and help to improve the daily lives of people impacted by this debilitating eye disease in the near future.”
BRM424 for NK shows potential for rapid development and regulatory progression
The FDA granted orphan disease designation for BRM424 treating NK in December 2022 and if successful, this treatment could see seven years of market exclusivity after approval.
According to Research and Market′s report, the global market of neurotrophic keratitis was about USD 191 million in 2022 and potentially will increase to USD 439 million in 2027 with a CAGR of around 18.1%1. In addition, according to Precedence Research, the global market of osteoarthritis was around USD 8.21 billion in 2022 and will potentially be USD 18.36 billion in 2032 with a CAGR of 8.38%.2
ENDS
For more information, contact:
BRIM Biotechnology, Inc.
Yi-Chun Maria Chen, PhD
[t] 886 2 2659 8586
Sciad Communications
Maria Patey / Sophie Protheroe
[t] 020 3405 7892
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%3. 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 DED4.
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