TLC Announces Completion of US$15 Million Financing for Subsidiary InspirMed Inc.
04 Janeiro 2021 - 7:00AM
TLC (Nasdaq: TLC, TWO: 4152), a clinical-stage specialty
pharmaceutical company developing novel nanomedicines to target
areas of unmet medical need, announced today that its subsidiary,
InspirMed Inc., has completed a round of financing, raising US$15
million in cash from strategic investors in exchange for subsidiary
equity.
InspirMed is a newly established subsidiary of
TLC specializing in the development of inhalable liposome
formulation programs, such as TLC19 for the treatment of
Coronavirus disease 2019 (COVID-19) as well as other programs for
severe acute and chronic pulmonary diseases. The strategic move to
partition lung disease programs from TLC will allow TLC to maintain
focus on its current pipeline of liposomal injectable formulation
programs, such as TLC599 for osteoarthritis pain and TLC590 for
postsurgical pain, while instilling to InspirMed funding designated
for use in the development of inhalable drugs.
Long before the emergence of COVID-19, TLC had
already begun plans to apply its unique and proprietary technology
platforms to lung diseases. TLC’s inhalable liposome formulation
first made its public debut at the 2019 International Society of
Aerosols in Medicine (ISAM) conference, in an abstract titled
“Inhalable Liposomal Nintedanib Formulation for Enhanced Treatment
of Pulmonary Disease”, where a proprietary inhalable liposome
formulation of nintedanib, a drug commonly used in the treatment of
idiopathic pulmonary fibrosis, was found to have sustained release
capabilities after being delivered directly to the lungs, avoiding
clinical gastrointestinal side effects and requiring less frequent
dose administration. The inhalable liposome drug was also found to
be less toxic than the free drug. However, as the TLC’s funds were
intended for the development of its main pipeline of injectable
formulations, with no additional funding available for new
programs, the development of inhalable formulations was
deferred.
With the COVID-19 pandemic this year redacting
the world into a state of panic, TLC aspired to make a difference,
and investigated the idea of encapsulating hydroxychloroquine,
which has shown antiviral effects toward the SARS-CoV-2 virus, into
TLC’s proprietary liposome formulation, using only ~1% of the oral
dosage needed. TLC19 Hydroxychloroquine Liposome Inhalation
Suspension was thus incubated, with Phase I clinical trial
currently taking place in Taiwan and Australia. With the demand for
inhalable products heightening, TLC established a subsidiary,
allocating its inhalation technical expertise for financing by
strategic investors in order to raise funds needed for the
expedited research and development of TLC19 and other inhalable
programs.
“We are happy to have kicked off 2021 with the
completion of financing for InspirMed,” said TLC President George
Yeh. “This milestone marks a fresh start to a new year, a year in
which we hope to see breakthrough development in both our
injectable as well as inhalable formulation programs. By working
together, we aspire to effectively control the pandemic so that
people around the world can return to the comfort of a normal way
of life, bringing greater good for all.”
About TLC
TLC (NASDAQ: TLC, TWO: 4152) is a
clinical-stage, specialty pharmaceutical company dedicated to the
research and development of novel nanomedicines that maximize the
potential of its proprietary lipid-assembled drug delivery platform
(LipAD™), including BioSeizer® sustained release technology and
NanoX™ active drug loading technology, which are versatile in the
choice of active pharmaceutical ingredients and scalable in
manufacturing. TLC has a diverse, wholly owned portfolio of
therapeutics targeting areas of unmet medical need in pain
management, ophthalmology, oncology, and infectious diseases. TLC
is consistently ranked top 5% among all listed companies in
Taiwan’s Corporate Governance Evaluations.
Cautionary Note on Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements contained in this
press release include, without limitation, statements regarding
TLC’s expectations regarding the clinical development of TLC’s
product candidates, the clinical benefits of TLC’s product
candidates, the timing, scope, progress and outcome of TLC’s
clinical trials, how sufficient cash and equivalents will be to
fund operations, the anticipated timelines for the release of
clinical data and progress of TLC’s manufacturing
capabilities. Words such as "may," "believe," "will,"
"expect," "plan," "anticipate," "estimate," "intend" and similar
expressions (as well as other words or expressions referencing
future events, conditions or circumstances) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance and involve a
number of risks, assumptions, uncertainties and factors, including
risks that the outcome of any clinical trial is inherently
uncertain and product candidates may prove to be unsafe or
ineffective, or may not achieve commercial approval, and delays or
disruptions on our business or clinical trials due to the COVID-19
pandemic. Other risks are described in the Risk Factors section of
TLC's annual report on Form 20-F for the year ended December 31,
2019 filed with the U.S. Securities and Exchange Commission (the
“SEC”) as well as subsequent filings with the SEC. All
forward-looking statements are based on TLC's expectations and
assumptions as of the date of this press release. Actual results
may differ materially from these forward-looking statements. Except
as required by law, TLC expressly disclaims any responsibility to
update any forward-looking statement contained herein, whether as a
result of new information, future events or otherwise.
TLC Contact:
Dawn Chi
Corporate Communications
dawn@tlcbio.com
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