Lin BioScience's subsidiary, Belite, has received exciting news! Benefiting from the clinical progress of the new drug LBS-008 for Stargardt disease, Belite has secured $15 million (approximately NT$490 million) from a major international fund. On the 5th of the month (Eastern Standard Time), Belite issued one American Depositary Share (ADS) and one unit of warrants at a closing price of $58.07 per share (approximately NT$1,905 per share).
Lin BioScience stated that the international fund managing the assets has a total size of approximately $20 billion (approximately NT$656 billion), ranking among the top 100 hedge funds globally. The additional funding and warrant exercise price were issued at the closing price of that day without any discount. If investors fully exercise the warrants in the future, it will provide an additional $15 million in funding. This move further demonstrates the outstanding potential and value of LBS-008, which has been recognized by major international funds.
Currently, LBS-008 is conducting two clinical trials for Stargardt disease (STGD1). The Phase 3 DRAGON trial has completed patient enrollment and is expected to undergo interim analysis early this year. The Phase 1b/2/3 DRAGON II trial has successfully completed Phase 1b enrollment, and the first patient was dosed in September last year. The Phase 3 trial for advanced dry age-related macular degeneration (GA) is expected to enroll approximately 430 patients with geographic atrophy (GA). As of November 12, 2024, over 280 patients have been enrolled, and the enrollment process is progressing smoothly.
Lin BioScience stated that this funding will enhance Belite's operating capital and allow it to focus on the continued development of LBS-008, aiming to capture the large global market for the first oral drug to treat STGD1 and GA. There is also the potential for future licensing partnerships with international pharmaceutical companies to accelerate the development or commercialization of the new drug.
Resource: 仁新子公司Belite再獲國際大型基金1,500萬美元注資
