Foresee Pharmaceuticals Completes $42.1 Million Financing

Foresee Pharmaceuticals, a biopharmaceutical company based in Taiwan and the US, recently concluded a successful public offering of 18 million shares of its common stock at NT$76 per share. This offering resulted in gross proceeds of NT$1,368 million, equivalent to around US$42.1 million. These funds will be allocated for various corporate purposes, including advancing several of the company's clinical trials.

Foresee Pharmaceuticals plans to utilize the proceeds to support the development of FP-014 (triptorelin), a long-acting injectable for advanced prostate cancer, which is undergoing two Phase 3 clinical trials to evaluate its efficacy when administered every three or six months. Additionally, the company will fund the development of FP-020 (linvemastat), an MMP-12 inhibitor, being tested in Phase 2 trials for asthma and inflammatory bowel disease (IBD). Another key project, FP-045 (mirivadelgat), an ALDH2 activator, is in a Phase 2 trial aimed at treating pulmonary hypertension associated with interstitial lung disease (PH-ILD).

Dr. Ben Chien, Founder and Chairman of Foresee Pharmaceuticals, expressed his gratitude to shareholders for their support, noting that this funding will help accelerate the company's research and development efforts, ultimately adding value for shareholders.

Foresee Pharmaceuticals is known for its focus on two main areas: its proprietary Stabilized Injectable Formulation (SIF) technology, which targets specialty markets, and its innovative preclinical and clinical new chemical entity (NCE) programs aimed at treating rare and severe diseases with significant unmet medical needs.

The company's product lineup includes CAMCEVI® 42 mg, which is approved for treating advanced prostate cancer in multiple countries, including the US, Canada, the EU, Taiwan, Israel, and the UK. Launched in the US in April 2022, CAMCEVI has also seen the submission of a New Drug Application (NDA) for its 3-month version in the US, with preparations for a similar submission in the EU underway. Additionally, Foresee is conducting clinical trials for CAMCEVI's 6-month formulation for central precocious puberty (CPP) and premenopausal breast cancer.

Foresee's pipeline also includes aderamastat (FP-025), an oral MMP-12 inhibitor that has shown positive results in a Phase 2 study for allergic asthma. Future development plans for aderamastat target rare immune-fibrotic diseases. Another oral MMP-12 inhibitor, linvemastat (FP-020), has completed a Phase 1 study in healthy volunteers and is being developed for severe asthma, COPD, and IBD.

Mirivadelgat (FP-045), a selective oral activator of ALDH2, is currently being tested in the FuschiA Phase 1b/2 study for Fanconi Anemia, with plans for a Phase 2 study in PH-ILD patients slated to begin in the first quarter of 2025. The company is also exploring the potential of ALDH2 activators for treating metabolic syndrome, healthy weight loss, and broader cardiovascular-renal-metabolic conditions, with a follow-on candidate in development.

Foresee Pharmaceuticals' dedication to developing innovative treatments for complex diseases underscores its commitment to addressing significant medical needs and improving patient outcomes.