Foresee Pharmaceuticals Announces Completion of US$47 Million Financing

TAIPEI,Dec.24,2020 -- Foresee pharmaceuticals (TPEx: 6576.TWO) ("Foresee") announces that it has successfully completed an underwritten public offering of 15,000,000 shares of its common stock to the public at a price of NT$88 per share. The aggregate gross proceeds to Foresee from the offering were approximately US$47 million (NT$1.32 billion).

The proceeds of the Public Offering will be used for general corporate purposes,which include supporting Foresee's existing drug research and development programs – such as FP-025,for which a Phase II/III clinical trial IND application was recently submitted to the FDA for the treatment of acute respiratory distress syndrome (ARDS) in COVID-19 patients.

In addition to the progress of FP-025,Foresee's Camcevi™ 42 mg,a ready-to-use 6-month depot formulation of leuprolide mesylate,is currently under review process by the FDA and EMA,which will soon be followed by Camcevi™ 3-month depot; FP-045,an orally bioavailable ALDH2 activator,which previously obtained permission from the FDA to proceed with the clinical study,is planned to enter into a Phase 1/2 dose-finding study in adolescent and pediatric patients with Fanconi anemia.

Previously this year,Foresee has completed a round of private placement financing,raising approximately US$3 million (NT$90 million) by the issuance of 1,200,000 shares of common stock at a price of NT$75.

About Foresee Pharmaceuticals Co.,Ltd.

Foresee is a Taiwan and US-based biopharmaceutical company listed on the Taipei Exchange. Foresee's R&D efforts are focused in two key areas,namely its unique stabilized injectable formulation (SIF) depot delivery technology with derived drug products targeting specialty markets,secondly its transformative preclinical and clinical first-in-class NCE programs targeting disease areas with high unmet needs.

Foresee's product portfolio includes late stage and early stage programs such as FP-001,6-month and 3-month,stable,ready-to-use versions of leuprolide mesylate for injection,for which regulatory approval reviews are currently underway in US and EU for the 6-month product and regulatory submissions for 3-month product are in preparation; FP-025,a highly selective oral MMP-12 inhibitor targeting inflammatory and fibrotic diseases,currently in a Phase 2 proof-of-concept study,and target to initiate Phase 2 study for COVID-19 virus induced acute respiratory distress syndrome (ARDS); FP-045,a highly selective oral small molecule allosteric activator of ALDH2,a mitochondrial enzyme,for which a Phase 1b/2 study is currently planned for Fanconi Anemia,and FP-004,a novel,subcutaneously injectable product in development for the treatment of opioid use disorder and pain. www.foreseepharma.com

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