TAIPEI, Taiwan, April 5, 2017 /PRNewswire/ -- Foresee Pharmaceuticals Co., Ltd. (6576.TWO) ("Foresee"), announced today the completion of a USD16 Million (NTD496M) financing in issuance of 8 million common shares on March 30th, 2017.
Foresee has accomplished several key milestones in 2017. FP-001 LMIS (Leuprolide Mesylate Injectable Suspension) 50 mg phase 3 clinical trial for Prostate Cancer successfully achieved its primary efficacy endpoint. Foresee and Ferring Pharmaceuticals have entered into an exclusive global development and option agreement to leverage Foresee's proprietary Stabilized Injectable Formulation depot platform (SIF) for the development of extended controlled release formulations of Ferring's peptide therapeutic. These achievements demonstrate Foresee's strong capabilities to create significant value for multiple stakeholders. Capitalizing on its impressive track record, Foresee was fortunate to have local and international investors actively participating in this round of financing which was significantly oversubscribed.
"We appreciate the strong recognition and support from our shareholders," said Dr. Ben Chien, Chairman and CEO of Foresee, "The proceeds of the financing will be invested in the phase 3 clinical trial of our FP-001 LMIS line extension for prostate cancer, and a Phase 2a Proof-of-Concept study of our FP-025 MMP-12 inhibitor for asthma. In addition to existing shareholders' subscription, a global biotech venture capital fund heavily participated in this Series E after its intensive due diligence. Foresee became its first public portfolio company in Taiwan. We will continue working diligently and efficiently to provide new therapeutic options for patients and create long term value for our shareholders."
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 SIF depot delivery platform and derived drug products targeting specialty markets, and its transformative early stage preclinical and clinical NCE programs targeting inflammatory & fibrotic diseases with highly unmet needs. Foresee's product portfolio includes late and early stage programs such as FP-001, a stable, premixed, prefilled version of leuprolide depot for injection, FP-025, a highly selective oral MMP-12 inhibitor targeting inflammatory and fibrotic diseases, which is currently completing a phase 1 study, and FP-045, an oral small molecule agonist of ALDH2 (Aldehyde Dehydrogenase 2), a mitochondrial enzyme acting as a key regulator of reactive aldehydes, oxidative stress and mitochondrial-mediated diseases, such as NAFLD/NASH and cardiovascular diseases. Please visit www.foreseepharma.com.
SOURCE Foresee Pharmaceuticals Co., Ltd.