EirGenix Completed Its NTD 5.03 Billion Private Placement on the Fifteenth of October
EirGenix, Inc. (6589) announced the completion of its 5.0325 billion New Taiwan Dollars (NTD) private placement on the Fifteenth of October. The private placement investors include Foxconn Technology Co., Ltd. with an investment of NTD 2.51625 billion (27.5 million shares), Yonglin Capital Holding Co., Ltd. with an investment of NTD 2.42475 billion (26.5 million shares) and Hong Wei Investment Co., Ltd. with an investment of NTD 91.5 million (1 million shares). The private placement cash capital increase is based on resolutions passed in meetings by the board of directors on May 4th and October 1st, and the shareholders on August 3rd. The cash capital increase will be of significant benefit to EirGenix’s long-term development and will further enhance the company's operating efficiency.
Earlier this year, EirGenix announced that the Phase III clinical trial of its breast cancer biosimilar, EG12014 (proposed trastuzumab biosimilar, also called EGI014), had met its primary endpoint and met the bioequivalence standards of the United States and European Union. Having already received approval of its facility from Japan's PMDA last year, EirGenix will be expecting subsequent inspections from U.S. FDA and EU EMA next year. Furthermore, this year has also seen further growth and expansion of EirGenix's contract development and manufacturing (CDMO) business unit. The maturation of both EirGenix's CDMO business and product development units has accelerated the company's revenue growth over the last 2 years. With the recent injection of additional capital funding, EirGenix can now accelerate the execution of its future strategic planning. For the product development unit, the product pipeline will be expanded to include more biosimilar drug products. For the CDMO unit, the current facility infrastructure will add additional production lines and facilities to handle even more diversified biological products and break into the field of cell and gene therapy, as well as extension of services to further link upstream, midstream, and downstream development and manufacturing services. Lastly, EirGenix will seek to establish various forms of cooperation with international entities, which include but are not limited to collaborations, strategic alliances, or mergers and acquisitions. Soon EirGenix will become an important hub for biopharmaceutical development and manufacturing on the global stage.