OBI Pharma, Inc. (GreTai Securities Market: 4174), announced a new round of financing amounting to NT$ 1.5 billion has been completed. This signals the beginning of a new era in OBI Pharma’s development. This capital increase resulted in the issuance of a total of 9,493,671 shares at an offer price of NT$158, for a total of NT$1,500,000,018. October 8, 2013 is the official date set for the capital increase.
Board Chairman Dr Michael Chang expressed his greatest respect and gratitude towards all OBI Pharma shareholders for their long-standing support. New drug development is a long and arduous process, not prone to short-term results. However, OBI Pharma’s shareholders have always been supportive since the beginning. Their great support and belief in OBI Pharma and its product pipeline are the greatest inspiration for OBI Pharma’s bench scientists and medical researchers.
This cash raised in this round will primarily be used for the OBI-822 metastatic breast cancer active immunotherapy clinical trial program. The present global Phase II/III clinical trial is in Phase III in Taiwan last year and in Phase II the US and South Korea. Active planning for another global Phase III breast cancer clinical trial is now underway. In addition, a Phase II ovarian cancer clinical for OBI-822 will also be launched in Taiwan.
Amy Huang, General Manager of OBI Pharma, Inc., has explained that the company has established subsidiaries in China and the US in anticipation of the needs of the global Phase III clinical trials being planned.
Beyond the OBI-822 development program, OBI Pharma’s next generation active immunotherapy OBI-833 is expected to launch a human Phase I clinical trial next year. OBI is also developing diagnostic technology using the highly specific cancer biomarkers associated with its active immunotherapy. Code-named OBI-868, the company is developing a screen for identifying breast cancer, stomach cancer, ovarian cancer, lung cancer, pancreatic cancer, prostate cancer and other major cancers, and that is more sensitive and accurate than what is presently in use in .
OBI has the resources to develop the infrastructure required for manufacturing botulinum toxin, code-named OBI-858, that meets international standards. OBI-858 completed development of the formulation last year and recently concluded pre-clinical animal trials. The company is working with regulatory bodies to initiate a clinical trial pre-consultation meeting.
Ms Huang noted that all of the mentioned product planning requires substantial funding. The capital raised today will help OBI succeed by recruiting best-in-class talent in R&D and management, and will optimize OBI Pharma’s new drug development programs to the benefit of its shareholders.
About OBI Pharma
OBI Pharma, Inc. is a Taiwan biopharmaceutical company that was established in 2002. Its mission is to improve health and the quality of life through innovative and cost-effective therapeutics. OBI Pharma’s focus is on the “Unmet Medical Needs” of challenging diseases, such as Cancer & Infectious Diseases. Additional information can be found at https://www.obipharma.com.
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