Brim to launch funding round for late-stage clinical trial & phase 2 trial for orphan drug BRM424 in the US.

Brim seeks to accelerate the development of BRM424, an orphan drug for a rare disease, with a new funding round targeting late-stage clinical trials and a new phase 2 trial in the United States.

BRIM, a clinical-stage biotechnology company focusing on developing regenerative peptides for ophthalmology and degenerative joint diseases, announced today that the Board of Directors has approved a seasoned equity offering that will issue 20 to 22.5 million shares of new stocks priced at 60-80 New Taiwan Dollars (~USD 2-2.67) per share. A total of NTD 1.2 to 1.8 billion (~USD 40-60 million) will be raised to accelerate the development of several assets within its pipeline including the current phase 3 trial of lead asset BRM421 for dry eye disease (DED) in the US, and speed up the enrollment of the phase 2 trial of BRM424 for neurotrophic keratitis (NK). BRIM will also progress the development of BRM521 for osteoarthritis while also assessing new projects.  

 BRIM’s Chairman Andrew Lin, who is also the Chairman of TaiRx Inc. and Nuwa Healthcare and the Managing Partner of Affinity Capital, will be in charge of this round of fundraising. Based on his successful track record and his wealth of connections with seasoned investors, Chairman Lin is expecting a smooth closing in September, especially since BRIM has attracted many inquiries from potential investors after he took the helm of BRIM's Board of Directors. BRIM's largest shareholder currently is Affinity Limited Partnership Fund One with 12.78% of shares. As Affinity Capital was the lead investor for the last round, it is expected to maintain its leading position after this round. 

The regenerative peptides developed from BRIM′s proprietary Pigment Epithelial-Derived Factor (PEDF) Derived Short Peptide (PDSP) platform have neurotrophic effects and can activate stem cells. This unique mechanism of action promotes the proliferation and differentiation of the limbal stem cells around the damaged cornea to repair the cornea wound. This action has the potential to be applied across multiple therapy areas and indications including the stimulation of mesenchymal stem cells (MSCs) to regenerate cartilage and help treat osteoarthritis.  

 BRIM′s CEO, Dr. Wen Chyi Shyu commented, “We are on track to achieve the product development milestones established for the year. This additional funding will help speed up the development of our current clinical trials and enable us to expand and diversify our pipeline. We are cautiously optimistic that subject to the outcomes of the phase 3 trial, BRM421 could become the first-line treatment for DED and help to improve the daily lives of people impacted by this debilitating eye disease in the near future.” 

The FDA granted orphan disease designation for BRM424 treating NK in December 2022 and if successful, this treatment could see seven years of market exclusivity after approval. 

Published on : 10th May, 2023