BRIM Biotech closes a $45.8 million rights issue
Taiwan-based BRIM Biotechnology (TPEx 6885) today announced that 22,500 shares have been issued at a premium of NT$65 (~US$2.03), raising a total of NT$1.4625 billion (~US$45.8 million).
BRIM’s shares dipped 1.8% to NT$75.30 following the announcement. The rights issue was fully paid on August 31, 2023, ahead of the scheduled date of September 4.
BRIM intends to use the funds to accelerate the development of several assets within BRIM’s pipeline, including the ongoing Phase III trial of its lead asset BRM421 for dry eye disease (DED) in the USA and the enrollment of the Phase II trial of BRM424 for neurotrophic keratitis (NK). BRIM will also progress the development of BRM521 for osteoarthritis, as well as assessing other applications of its innovative pigment epithelium-derived factor (PEDF) derived short peptide (PDSP) platform.
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