Taipei, Taiwan, August 12th, 2022/ BRIM Biotechnology, Inc. (BRIM, TPEx 6885) reports that the Company’s Board of Directors has approved a proposal for a seasoned equity offering, following its recent emerging stock market (ESM) listing, to increase capital and advance its lead drug candidate, BRM421, to late-stage clinical trials for dry eye disease (DED).
The Board of Directors gathered for an interim meeting today to pass the plan to raise capital by issuing 20-24 million additional shares of common stock which are estimated to bring in NTD 500-600 million (~USD 17-20 million) with a tentative share price of NTD 25 (~USD 0.83).
BRM421 is a novel, first-in-class regenerative peptide therapy which, if successful, could offer patients complete relief from dry eye symptoms by stimulating the proliferation and differentiation of stem cells to repair damage to the cornea. BRM421 was developed using BRIM’s proprietary stem cell regenerative Pigment Epithelium-Derived Factor (PEDF) derived Short Peptide (PDSP) technology platform, which underpins several other products in its pipeline. With its unique mode of action, BRM421 has potential to become a first line treatment for DES around the world.
Preclinical studies for BRM421 have demonstrated safety and therapeutic effectiveness in DES animal models when there is no systemic exposure, or any organ toxicity detected. With this data, BRM421 was fast-tracked to directly enter a first-in-human (FIH) phase 2 study in 2016.
Both phase 2 and phase 2/3 studies to date have shown clinically meaningful efficacy with no safety concerns in the BRM421 treatment groups for DES patients. BRIM will continue discussions with the FDA on the design of the phase 3 study at the end-of-phase 2 (EOP2) meeting in Q4, 2022.
In previous type-C meetings, the FDA has agreed on the new formulation of BRM421 and the adjustment of the primary endpoints to better demonstrate the statistical and clinical meaningful efficacy in subsequent trials. Subject to the FDA agreeing to the phase 3 clinical trial design, BRIM plans to accelerate the development of the novel drug toward market approval.
The approval of the seasoned equity offering to accelerate the development of BRM421 by BRIM’s Board of Directors brings the company one step closer to achieving its vision of providing the millions of people around the world living with dry eye disease with an effective and affordable treatment option.
For more information, please contact:
BRIM Biotechnology, Inc.
Yi-Chun Maria Chen, PhD
[t] 886 2 2659 8586 #110
Maria Patey / Sophie Protheroe
[t] 020 3405 7892
About BRIM Biotechnology, Inc.
BRIM Biotechnology, Inc. is a clinical-stage company developing novel regenerative therapies in ophthalmology and degenerative joint diseases. Established in July 2013 to accelerate the development and transformation of early research technology platforms to clinical drug candidates, BRIM applies world-leading expertise in translational science to develop new treatments that help combat and cure disease. The company’s virtual business model, combined with its proprietary PDSP technology platform, bridges the gap between research and clinical development faster, de-risks the process, and accelerates the progression of early-stage candidates in indications with high unmet medical needs.
For more information, please visit www.brimbiotech.com