Lin BioScience Inc.'s subsidiary, Belite Bio, Inc., announced on the 26th that it has received a $25 million USD injection of funds from a large international biotech fund, equivalent to approximately 800 million NTD. The issuance included 1 American Depositary Share (ADS) and 1 Warrant per share at a price of $38.38 USD (approximately 1,230 NTD) per share, with each Warrant exercisable at a price of $44.14 USD (approximately 1,410 NTD) per share of ADS. This capital injection will be used to support Belite's operations and ongoing development efforts for LBS-008.
Lin BioScience stated that the successful fundraising by Belite has attracted investment from an internationally renowned fund with assets under management exceeding $7 billion USD (approximately 230 billion NTD). The fund is a globally oriented, value-driven, event-driven hedge fund primarily focused on the healthcare industry. The $25 million USD capital increase was issued at the closing price of the day without discount, and the exercise price of the Warrants was set at a 15% premium to the closing price of the day, which is rare. If all Warrants are exercised by investors in the future, an additional $28.75 million USD (approximately 920 million NTD) in funding will be provided. This fundraising not only aligns the company with international capital, enhances its international visibility, and strengthens its financial position but also signifies the high regard and affirmation of the company's clinical development strategy and excellent research and development achievements by a large international biotech fund.
Currently, LBS-008 is simultaneously conducting two Phase III clinical trials and one Phase Ib/II/III clinical trial. The global Phase III clinical trial for Stargardt's disease (STGD1) has completed enrollment and is expected to undergo interim analysis in the fourth quarter of this year. If the data is positive, it is highly likely to become the world's first approved drug for STGD1. The Phase III clinical trial for geographic atrophy (GA) is currently enrolling patients globally, with approximately 430 patients with dry age-related macular degeneration (AMD) with reticular pseudodrusen on the retina. Additionally, since obtaining orphan drug designation (ODD) in Japan in February this year, to seize opportunities and accelerate future drug marketing authorization applications in Japan, the company is also conducting a second clinical trial for Stargardt's disease to include Japanese patient data. This is to capture the vast market for the world's first oral drug for the treatment of STGD1 and dry AMD, and in the future, the company does not rule out licensing collaborations with international pharmaceutical companies to accelerate drug development or commercialization steps, hoping to benefit more patients sooner to preserve precious vision and maximize shareholder value.
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