April 16, 2021
Formosa Pharmaceuticals (FP), a subsidiary of Formosa Laboratories (TWSE 4746), has successfully completed a Series C financing round, increasing its cash capital by NTD $600 million (approx. USD $21.1 million).
In addition to the continuous support from major shareholder, Formosa Laboratories, numerous prominent venture capital firms participated in this round of capital increase, including China Development Industrial Bank (CDIB), China Trust Bank Corporation (CTBC), Chailease Finance, Industrial Technology Investment Corporation (ITIC), United Microelectronics Corp (UMC), Savior Lifetec Corporation (SLC), Cathay Venture, Inc., Black Marble Capital Management, H&Q Asia Pacific, and Concord Venture Capital Group.
The funds will primarily support United States-based Phase 3 clinical trials of APP13007, a novel therapy for inflammation and pain after cataract surgery. Utilizing Formosa Pharma’s proprietary nanoparticle formulation platform (APNT), APP13007 combines durable and potent efficacy with a favorable safety profile which should offer patients a formidable treatment option. Formosa Pharma anticipates receiving FDA approval in 2023 and partnering for global commercialization in indications with market sizes well in excess of USD $1 billion dollars.
In addition, Formosa Pharma is co-developing TSY-0110, a biosimilar of antibody-drug conjugate Kadcyla®, with EirGenix and Formosa Laboratories. Kadcyla®, approved for metastatic breast cancer (2013) and early breast cancer (2019), is projected to have peak sales at USD $2.5 billion dollars and is being explored actively in other HER2-driven indications both as a single-agent and in combination with other therapies.
“With the confidence and recognition from shareholders and a formidable development team including Formosa Laboratories, EirGenix, AimMax, and other strategic partners, Formosa Pharma will continue to enhance its R&D capabilities and shareholders’ equity,” said by Dr. Erick Co, Ph.D., Chief Executive Officer of Formosa Pharmaceuticals.
