Foresee Pharmaceuticals Announces Completion of US$42.3 Million Financing

TAIPEI, June 27, 2023 /PRNewswire/ -- Foresee Pharmaceuticals (TPEx: 6576), ("Foresee") announces that it has successfully completed an underwritten public offering of 17,500,000 shares of its common stock to the public at a price of NT$75 per share. The aggregate gross proceeds to Foresee from the offering were NT$1,312.5 million (or US$42.3 million at FX=31).

"We are pleased to announce the successful completion of the public offering.  I would like to express my gratitude once again for shareholders' full support and trust in us," said Dr. Ben Chien, Founder and Chairman of Foresee. "Moving forward, we are excited about the prospects and opportunities ahead of us."

The proceeds of the public offering will be used for general corporate purposes, including FP-001 (CAMCEVI), a ready-to-use 6-month leuprolide injectable, in a Phase 3 clinical trial for central precocious puberty (CPP), FP-045, an ALDH2 activator, in a Phase 1b/2 clinical trial for Fanconi Anemia, and FP-025, an MMP-12 inhibitor, in a Phase 2 POC study for respiratory disease.

About Foresee Pharmaceuticals Co., Ltd.

Foresee is a Taiwan and US-based biopharmaceutical company listed on the Taipei Exchange (6576.TWO). Foresee's R&D efforts are focused in two key areas, namely its unique stabilized injectable formulation (SIF) long-acting injectable technology with derived drug products targeting specialty markets and secondly, its transformative preclinical and clinical first-in-class NCE programs targeting rare and severe disease areas with high unmet needs.

Foresee's product portfolio includes late and early-stage programs. CAMCEVI® 42 mg, for the treatment of advanced prostate cancer, is now approved in the U.S., Canada, and EU, and launched in the U.S. in April, 2022. Additionally, U.S. and EU regulatory submissions are under preparation for CAMCEVI® 21 mg, the U.S. regulatory submission is anticipated in 2024. The second indication of CAMCEVI® 42 mg– central precocious puberty (CPP), the phase 3 clinical study is currently being initiated. FP-025 – a highly selective oral MMP-12 inhibitor targeting inflammatory and fibrotic diseases, a Phase 2 proof-of-concept study in allergic asthmatic patients, the study has been completed with positive outcome. FP-045 – a highly selective oral small molecule allosteric activator of ALDH2, a mitochondrial enzyme, for which a Phase 1b/2 Fanconi Anemia study is currently being initiated, and a P2 study in pulmonary hypertension group 3 patients is in planning. www.foreseepharma.com

SOURCE Foresee Pharmaceuticals Co., Ltd.