EIRGENIX COLLECTS ITS INITIAL SIGNING FEE DAYS BEFORE ITS OFFICIAL IPO
2019/06/27 - With the upcoming BIO Asia Taiwan exhibition expected to start in late-July, coupled with the recent rise in biotech stock prices, there has been significant interest and attention placed on biotech companies yet to be publically listed. EirGenix, Inc (6589) is one such company, which though its many recent achievements, has attracted the eyes of potential investors. On June 28, 2019, EirGenix will officially be listed on the Taipei Exchange, with KGI Securities acting as the underwriting brokerage firm. EirGenix's stock will open at a stock listing price of 30.85 New Taiwan Dollars.
In April of this year, EirGenix, Inc. signed its global licensing agreement with Sandoz AG, a renowned global generic and biosimilar manufacturer. The licensing agreement authorized Sandoz to the exclusive selling rights of EirGenix's EG12014 (Trastuzumab Biosimilar, also called EGI014) in all markets except mainland China and Taiwan. Just yesterday on June 26th, EirGenix received its first payment from Sandoz AG for the initial signing fee. This first payment was recognized and recorded into EirGenix's revenue for the month of June and will undoubtedly lead to substantial benefits for the company's current operations and future development. The remaining milestone payments are expected to be paid as per the agreed schedule. Once the EG12014/EGI014 product is ready for launch, EirGenix will be responsible for all cGMP manufacturing of the product, and will collect sales royalty payments in the authorized markets under the agreement. The signed licensing agreement with Sandoz AG represents the first revenue stream generated by EirGenix's product development division since the establishment of the company. This important milestone for the company serves to strengthen EirGenix's sales and financial status under its current dual product development and CDMO business model, and further boosts the company into the global market.
The global phase III clinical trials of EirGenix's EG12014/EGI014 project continues to make positive strides towards its end goal. In the 10 countries where phase III clinical trials are being conducted (including the United States, Tawain, Russia, Belarus, Ukraine, South Africa, Georgia, South Korea, and Chile), the study group continues to grow. As of this past Tuesday (06/25), more than 80% of planned clinical trial centers have been opened (76 of 91 planned), amounting to a total of 111 cases accepted. With the current rate of cases added, it is expected that the final case should be completed on schedule within the first quarter of 2020. The evaluation of main efficacy indicators should be completed within the second half of 2020, which will then be followed up with immediate preparation of the application for drug inspection registration.
EirGenix, Inc. (6589) has completed all its IPO underwriting activities within the last two weeks. Since the beginning of June, the trading volume of EirGenix's stock has been exceeding expectations, demonstrating that investors have been highly keen and receptive to EirGenix's recent activities.