BRIM Biotechnology has announced today that 22,500 shares have been issued at a premium of NT $65 (USD $2.03), raising a total of NT $1.4625 billion (USD $45.8 million).
The rights issue was fully paid on 31 August 2023, four days early compared to the scheduled date of 4 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).
This additional funding will help to speed up the development of our current clinical trials and enable us to expand and diversify our pipeline
- BRIM's CEO Dr Wen Chyi Shyu
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.
Andrew Lin, the Chairman of BRIM, 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 recognised by the market to have great potential.”
As well as closing early, the rights issue was oversubscribed, 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%, Lin apologised to disappointed investors for the limited availability.
After this round, BRIM's largest shareholder is Affinity Health Fund One with 10.37% of shares. Affinity Health Fund Two, also acquired positions with 2.66% of shares. Both funds are managed by Affinity Capital 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 CEO 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.”
