TLC Announces Completion of US$23 Million FinancingDownload
TLC (Nasdaq: TLC, TWO: 4152), a clinical-stage specialty pharmaceutical company developing novel nanomedicines to target areas of unmet medical need in pain management, ophthalmology and oncology, is pleased to announce that it has closed its 2020 cash capital offering of ordinary shares in Taiwan, with the record date of June 30, 2020. The offering consisted of 10,000,000 new ordinary shares issued at a price of NT$68 per share for gross proceeds of NT$680,000,000 (~US$23 million).
“We are happy to have completed this round of financing. The process was made possible predominantly with the support of our hardworking employees and existing shareholders, who share the staunch credence that the programs in our pipeline, which are backed by our proprietary drug delivery technologies, will help patients achieve an extended and better quality of life, as suggested by our distinctive trademark, Delivering Hope for Life™," said George Yeh, President of TLC. “The US$23 million raised from this round, along with a US$12 million venture financing from Cathay Bank, should provide sufficient capital to take us to the data readout of EXCELLENCE. Should results from this Phase III pivotal trial be positive, we plan to submit a New Drug Application (NDA) with the US Food and Drug Administration (FDA), and our hope of providing an effective and long-lasting treatment for the management of osteoarthritis pain can soon become a reality.”
EXCELLENCE, the Phase III, multi-center, randomized, double-blind, placebo- and active comparator- controlled pivotal study to evaluate single and repeat administrations of TLC599 for osteoarthritis pain, is enrolling patients across 45 sites in the United States and Australia. Despite being hindered by the COVID-19 pandemic, the trial remains on-track to complete enrollment of all 500 patients before the end of 2020, and topline data is expected in late 2021.