" class="no-js "lang="en-US"> BRIM to launch a Funding Round to Accelerate Trial for BRM424
Thursday, April 11, 2024

BRIM Plans to launch a New Funding Round to Accelerate Late-Stage Clinical Trial and Initiate a New Phase 2 Trial for Orphan Drug BRM424

BRIM Biotechnologya clinical-stage biotechnology company focusing on developing regenerative peptides for ophthalmology and degenerative joint diseases, announced today that the Board of Directors has approved a seasoned equity funding offering that will issue 20 to 22.5 million shares of new stocks priced at 60-80 New Taiwan Dollars (~USD 2-2.67) per share.

A total of NTD 1.2 to 1.8 billion (~USD 40-60 million) will be raised to accelerate the development of several assets within its pipeline including the current phase 3 trial of lead asset BRM421 for dry eye disease (DED) in the US, and speed up the enrollment of the phase 2 trial of BRM424 for neurotrophic keratitis (NK). BRIM will also progress the development of BRM521 for osteoarthritis while also assessing new projects.

BRIM’s Chairman Andrew Lin, who is also the Chairman of TaiRx Inc. and Nuwa Healthcare and the Managing Partner of Affinity Capital, will be in charge of this round of fundraising. Based on his successful track record and his wealth of connections with seasoned investors, Chairman Lin is expecting a smooth closing in September, especially since BRIM has attracted many inquiries from potential investors after he took the helm of BRIM’s Board of Directors. BRIM’s largest shareholder currently is Affinity Limited Partnership Fund One with 12.78% of shares. As Affinity Capital was the lead investor for the last round, it is expected to maintain its leading position after this round.

The regenerative peptides developed from BRIM′s proprietary Pigment Epithelial-Derived Factor (PEDF) Derived Short Peptide (PDSP) platform have neurotrophic effects and can activate stem cells. This unique mechanism of action promotes the proliferation and differentiation of the limbal stem cells around the damaged cornea to repair the cornea wound. This action has the potential to be applied across multiple therapy areas and indications including the stimulation of mesenchymal stem cells (MSCs) to regenerate cartilage and help treat osteoarthritis.

BRIM′s CEO, Dr. Wen Chyi Shyu commented, “We are on track to achieve the product development milestones established for the year. This additional funding will help speed up the development of our current clinical trials and enable us to expand and diversify our pipeline. We are cautiously optimistic that subject to the outcomes of the phase 3 trial, BRM421 could become the first-line treatment for DED and help to improve the daily lives of people impacted by this debilitating eye disease in the near future.”

BRM424 for NK shows potential for rapid development and regulatory progression

The FDA granted orphan disease designation for BRM424 treating NK in December 2022 and if successful, this treatment could see seven years of market exclusivity after approval. According to Research and Market′s report, the global market of neurotrophic keratitis was about USD 191 million in 2022 and potentially will increase to USD 439 million in 2027 with a CAGR of around 18.1%. In addition, according to Precedence Research, the global market of osteoarthritis was around USD 8.21 billion in 2022 and will potentially be USD 18.36 billion in 2032 with a CAGR of 8.38%.

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