Lin BioScience (today, November 4) announced on behalf of its subsidiary Belite Bio, Inc. that the company's board of directors, in a meeting held on November 3, 2024 (Eastern Time), approved an agreement with a major international biotech fund. The fund has exercised all of Belite’s 651,380 warrants issued in April 2024, each at an exercise price of USD 44.14 per unit, to purchase 651,380 American Depositary Shares (ADS). This warrant exercise is expected to raise approximately USD 28.75 million (around TWD 920 million), which will be used to support Belite's operational needs.
In addition, Belite will issue another 651,380 new warrants with an exercise price of USD 70 per unit (approximately TWD 2,238), allowing the purchase of one ADS per warrant. If all the new warrants are exercised, an additional USD 45.6 million (around TWD 1.46 billion) will be raised. The exercise and issuance of these warrants are expected to be completed around November 4, 2024, subject to customary closing conditions.
Lin BioScience stated that the international biotech fund, which has assets under management exceeding USD 7 billion (about TWD 230 billion), is a global, value-driven, event-driven hedge fund with a focus on the healthcare industry. This fund previously invested USD 25 million (about TWD 800 million) in April 2024, and the exercise of the current warrants, along with the new warrants, further underscores its confidence in the potential of Belite's LBS-008 for treating Stargardt disease and advanced dry age-related macular degeneration (dry AMD). The fund's strong endorsement of Belite's clinical development strategy and exceptional research achievements highlights the growing recognition of LBS-008's significant promise.
Currently, LBS-008 is undergoing two clinical trials for Stargardt disease (STGD1). The Phase III DRAGON trial has completed patient enrollment and is expected to undergo an interim analysis in the fourth quarter of this year. The Phase I/II/III DRAGON II trial has successfully completed the first Phase I clinical enrollment, and the first patient in the Phase II/III trial received treatment in September 2024.
For advanced dry age-related macular degeneration (GA), Belite is conducting a global Phase III trial, targeting approximately 430 patients with retinal geographic atrophy. As of August 9, 2024, around 200 patients have been enrolled, and recruitment is progressing smoothly. With several companies in the GA space recently withdrawing applications or experiencing clinical trial setbacks, Belite is well-positioned to lead the development of new GA therapies globally.
Resource (mandarin): 仁新子公司Belite獲國際大型生技基金加碼，加速衝刺LBS-008開發
