TAIPEI, Taiwan, Jan. 20 /PRNewswire-Asia/ -- TaiGen Biotechnology Co., Ltd., a privately-held pharmaceutical company focused on developing drugs to treat infectious diseases, cancer and diabetes-related complications, announced that it has raised 37 million USD through the private placement of preferred C stock from its existing shareholders and new investors, including MPM Capital, National Development Fund, YFY group, Taiwan Sugar Corporation, Yao-Hwa Glass Management Commission and Taiwan Global BioFund. This new round of financing was completed through TaiGen Biopharmaceuticals Holdings Limited (Cayman), the parent company of TaiGen Biotechnology Co., Ltd. The proceeds are to be used primarily for advancing its global clinical development of Nemonoxacin in MRSA infections, its first-in-class stem cell mobilizer, TG-0054, in stem cell transplant, chemosensitization and tissue ischemia, and its hepatitis C protease inhibitor program.
Dr. Ming-Chu Hsu, President & CEO said, "We are very pleased to have completed this round of financing. Being able to raise funds in the current challenging financial market is a strong validation of the value of our research programs and the significant progress we made in the past few years in our clinical development programs. The additional capital will allow us to continue building a robust and innovative product pipeline. This round of financing will greatly expedite our growth."
About TaiGen Biotechnology Co., Ltd.
TaiGen Biotechnology Co., Ltd., (http://www.taigenbiotech.com/) is a leading development stage pharmaceutical company based in Taiwan with a wholly-owned subsidiary in Beijing, China. The company is developing novel therapeutics to treat infectious diseases, diabetic complications and cancer for the worldwide market. TaiGen has a full capacity in new drug R&D and clinical development in China, Taiwan, US and other countries. The company's in-house R&D has developed first-in-class drug candidates and the first such drug, a stem cell mobilizer TG-0054, is completing phase 1 trial in the US. TaiGen plans to develop TG-0054 for stem cell transplantation, chemosensitization, critical limb ischemia and age-related macular degeneration. Nemonoxacin, a broad-spectrum non-fluorinated quinolone achieved the non-inferiority clinical cure rate compared with levofloxacin and both drugs have comparable safety profile in the phase II trial of community-acquired pneumonia. The second on-going phase II trial of nemonoxacin is to demonstrate the anti-MRSA activity of the drug in diabetic foot infection (DFI) with oral administration. TaiGen has an advanced HCV protease inhibitor program in preclinical development.
TaiGen plans to commercialize nemonoxacin in greater China and ASEAN countries. The on-going "first-in-class-new-drug" trials in China are slated to launch the product in China in 2011. Together with its licensor P&G Pharmaceuticals, the company will out-license nemonoxacin for the US/EU/Japan market.
Gloria Hsieh, Ph.D.
Director, Public Relation & Business Development
Tel: +886-2-2790-1861 ext. 1722
Add: 7F, 138 Shin Ming Rd., Neihu Dist., Taipei, Taiwan 11470, R.O.C.
Source: TaiGen Biotechnology Co., Ltd.