Advagene Biopharma announced on the 23rd that its board of directors has resolved to raise capital through a cash issuance of up to 8 million new shares, priced tentatively between NT$20 and NT$30 per share, aiming to raise a maximum of NT$240 million. The actual issue price will be determined by the Chairman based on the company’s needs and market conditions within the legal limits.
Advagene Biopharma stated that the Phase II clinical trial of their new nasal spray drug, AD17002, for severe eosinophilic asthma, initiated by an Investigator-Initiated Trial (IIT), is progressing smoothly. The Ministry of Health and Welfare has approved proceeding to the next phase involving higher dosages. Preliminary data and an interim analysis are expected by the third quarter.
Given AD17002’s unique mechanism, which addresses inflammation at its source and improves asthma conditions, it stands apart from current treatments that primarily focus on symptom relief or immunosuppression. The company remains optimistic about the interim analysis's differentiation and significance. Once the optimal dosage and administration frequency are confirmed, the next phase of clinical trials will commence, potentially adopting a multi-national, multi-center model to enhance the trials’ scope and data reliability, thus accelerating the drug’s market launch.
Advagene Biopharma further disclosed that the raised funds will be used for mid-to-late-stage clinical trials of AD17002 for new drug application registration and for the global patent strategy.
AD17002 features a unique mucosal immune modulation mechanism, applicable in treating and preventing various respiratory infections, including COVID-19. Its broad efficacy and multiple indications have garnered attention from the U.S. Biomedical Advanced Research and Development Authority (BARDA) and other relevant entities, exploring its potential in other viral prevention and treatment applications. Advagene Biopharma is also collaborating with the nonprofit PATH organization to evaluate the use of mucosal adjuvants. This highlights Advagene Biopharma’s growing international recognition and approval in mucosal immune modulation and respiratory disease prevention and treatment.
General Manager Hsu Yu-shen emphasized that Advagene Biopharma will continue to focus on the development and clinical trials of the AD17002 nasal spray, while simultaneously formulating related business strategies. These include pursuing domestic and international licensing opportunities and initiating early-stage collaborative development projects with several local companies. The goal is to expedite the drug’s development and market entry, offering patients more treatment options and leading the company to new operational milestones.
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