Caliway Successfully Lists on Taipei Exchange Following IPO

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Oct 02, 2024, 22:40 ET

NEW TAIPEI CITY, Oct. 2, 2024 /PRNewswire/ -- Caliway Biopharmaceuticals (Caliway) announced the successful completion of its initial public offering (IPO) and up-listing from the Emerging Stock Market to the Taipei Exchange (TWSE-6919). The round, which concluded on September 24, 2024, raised approximately $206 million (NT$6.4 billion), marking it as the largest IPO in Taiwan's biotech industry history and valuing the company at nearly $3 billion as of its official listing date today.

The IPO utilized a competitive auction mechanism held on September 18, 2024, during which Caliway offered 10.08 million shares through auction and an additional 3.32 million shares for public subscription. This process concluded with all shares sold, underscoring strong investor demand.

The success of Caliway's IPO enables the company to not only advance its leading product, CBL-514, into multi-country, multi-center Phase 3 Pivotal clinical trials for subcutaneous fat reduction, also propelled it's multiple indications as well as other follow up pipeline product developments. The CBL-514 injection, which induces adipocyte apoptosis to reduce subcutaneous fat in targeted areas precisely, represents a groundbreaking advancement in fat-targeted therapy with favorable safety and tolerability profiles. The company is poised to release key results from its Phase 2b clinical trials for subcutaneous fat reduction by the end of this year.

As part of its robust development pipeline, Caliway plans to initiate two global multi-center Phase 3 Pivotal trials for the CBL-514 in mid-2025, while also advancing other promising candidates into clinical stages. The company's strategic timeline includes launching the Phase 3 trials for CBL-514D in 2026 and progressing CBA-539 into Phase 1 clinical trials by late 2025.

About Caliway Biopharmaceuticals

Caliway Biopharmaceuticals (Caliway) is a Taiwan-headquartered, clinical-stage biopharmaceutical company driven to breakthrough drug discovery of novel small-molecule therapeutics. Listed on the Taipei Exchange (TWSE-6919), Caliway aims to become an innovative pharmaceutical leader in aesthetic medicine and other diseases. For more information, please visit: http://www.Caliway.com.tw/en

Disclaimer

This article and related information on this site contain forward-looking statements. The forward-looking information requires the Company to make numerous assumptions and is subject to inherent risks, uncertainties, and other factors that are beyond the control of the Company which may cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The Company undertakes no obligation to timely inform, update, or revise the information on this site if circumstances should change.

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SOURCE Caliway Biopharmaceuticals