Foresee Pharmaceuticals Announces Completion of US$47 Million Financing

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Dec 24, 2020, 05:00 ET

TAIPEI, Dec. 24, 2020 /PRNewswire/ -- Foresee pharmaceuticals (TPEx: 6576.TWO) ("Foresee") announces that it has successfully completed an underwritten public offering of 15,000,000 shares of its common stock to the public at a price of NT$88 per share. The aggregate gross proceeds to Foresee from the offering were approximately US$47 million (NT$1.32 billion).

The proceeds of the Public Offering will be used for general corporate purposes, which include supporting Foresee's existing drug research and development programs – such as FP-025, for which a Phase II/III clinical trial IND application was recently submitted to the FDA for the treatment of acute respiratory distress syndrome (ARDS) in COVID-19 patients.

In addition to the progress of FP-025, Foresee's Camcevi™ 42 mg, a ready-to-use 6-month depot formulation of leuprolide mesylate, is currently under review process by the FDA and EMA, which will soon be followed by Camcevi™ 3-month depot; FP-045, an orally bioavailable ALDH2 activator, which previously obtained permission from the FDA to proceed with the clinical study, is planned to enter into a Phase 1/2 dose-finding study in adolescent and pediatric patients with Fanconi anemia.

Previously this year, Foresee has completed a round of private placement financing, raising approximately US$3 million (NT$90 million) by the issuance of 1,200,000 shares of common stock at a price of NT$75.

About Foresee Pharmaceuticals Co., Ltd.

Foresee is a Taiwan and US-based biopharmaceutical company listed on the Taipei Exchange. Foresee's R&D efforts are focused in two key areas, namely its unique stabilized injectable formulation (SIF) depot delivery technology with derived drug products targeting specialty markets, secondly its transformative preclinical and clinical first-in-class NCE programs targeting disease areas with high unmet needs.

Foresee's product portfolio includes late stage and early stage programs such as FP-001, 6-month and 3-month, stable, ready-to-use versions of leuprolide mesylate for injection, for which regulatory approval reviews are currently underway in US and EU for the 6-month product and regulatory submissions for 3-month product are in preparation; FP-025, a highly selective oral MMP-12 inhibitor targeting inflammatory and fibrotic diseases, currently in a Phase 2 proof-of-concept study, and target to initiate Phase 2 study for COVID-19 virus induced acute respiratory distress syndrome (ARDS); FP-045, a highly selective oral small molecule allosteric activator of ALDH2, a mitochondrial enzyme, for which a Phase 1b/2 study is currently planned for Fanconi Anemia, and FP-004, a novel, subcutaneously injectable product in development for the treatment of opioid use disorder and pain. www.foreseepharma.com

SOURCE Foresee Pharmaceuticals Co., Ltd.