As eye disease drugs enter a golden decade of growth, companies that have made great clinical progress with new drugs have been favoured by capital.

Belite Bio (BLTE), a 66.06% owned subsidiary of Taishin, was listed on the NASDAQ at the end of April this year and issued 6 million units of American Depositary Shares (ADS) at US$6 per unit, originally raising US$36 million (excluding the underwriter's option), which was later oversubscribed by 900,000 shares.

Belite's market capitalisation once exceeded US$1 billion three months after listing, thanks to the advancement of LBS-008 development.

The new drug APP13007 by Formosa Pharmaceuticals, a new drug for post-operative inflammation and pain in the eye, has been exclusively licensed to China Yuanda Pharmaceuticals in June 2021 for a milestone payment of up to US$9.5 million and a certain percentage of the sales profit.

As APP13007 has met its Phase III clinical protocols, it is likely to obtain marketing approval in the fourth quarter of next year, and is currently attracting multinational pharmaceutical companies, well-known US topical drug brands and new ophthalmology companies to discuss overseas licensing.

In order to accelerate the Phase III clinical trials of new ophthalmology drugs and to increase its working capital, BRIM Biotech is currently in the process of issuing new shares for cash, with an estimated number of 24 million shares to be issued at NT$25 per share, raising NT$600 million.