Taiwan Liposome Company Nearing IPO After Round Of Financing
This article was originally published in PharmAsia News
Executive Summary
HONG KONG - A cash injection from a U.S. venture capital firm may help a Taiwanese developer of drug delivery systems better compete on a global scale as it moves towards an initial public offering
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HONG KONG - A cash injection from a U.S. venture capital firm may help a Taiwanese developer of drug delivery systems better compete on a global scale as it moves towards an initial public offering. Burrill & Company announced earlier this week an investment into Taiwan Liposome Company (TLC) a specialty manufacturer with a proprietary drug delivery technology based on lipid base formulations. "TLC's core advantage of applying proprietary drug delivery technology to extend product lifecycles with performance improvements enables TLC to develop and commercialize new formulations of products with significant market potential," said Burrill director Marietta Wu. The Taiwanese biotechnology company is in the home stretch towards an IPO, with the current round of fundraising likely sufficient to carry the company through until it issues shares in the next couple of years, according to company spokeswoman Nicole Lin. The funding deals were announced despite ongoing difficulties in financial markets that have made it more difficult for companies to raise capital. "It's a challenge to fundraise but we have the technology and [investors] think we have a future," Lin said. She would not disclose the size of the investment but noted that the round of fundraising was more than $10 million. TCL's lead product is ProFlow , used to treat peripheral arterial diseases and diabetic neuropathy. ProFlow (alprostadil) is a prostaglandin E1 emulsion that acts as an arterial vasodilator and platelet-aggregation inhibitor. ProFlow is under development and registration in various Asian markets and may be marketed in Japan by 2010. TLC has half a dozen products in the pipeline and others under development. Most of them are delivery systems but TCL is also developing unique molecules, including Lipotecan , a novel camptothecin analog that enhances chemotherapy and radiotherapy. Lipotecan is in Phase I clinical trials to help overcome chemo-resistance and kill metastatic cancer cells. The company's first product to go to market was Lipo-Dox (doxorubicin encapsulated lipsome). Liposomes are delivery vehicles made of the same materials as cell membranes. They can be filled with drugs and are often used to treat cancer. Marketed in Taiwan since 2001, Lipo-Dox is a treatment for AIDS-Kaposi sarcoma and ovarian cancer. Company spokeswoman Nicole Lim said the product has been licensed for distribution in other markets in Asia. The recent round of fundraising will allow the company to focus on its core mission. "The successful closing of this round of financing will enable TLC to focus on bringing better medical solutions for patients in need," said TLC President George Yeh. [Editor's note: PharmAsia News conducted a two-part interview with George Yeh about the company's partnership strategy and expansion plans beyond Southeast Asia. (Also see "Taiwan Liposome Company General Manager George Yeh: An Interview With PharmAsia News (Part 1 Of 2)" - Scrip, 3 Mar, 2008.)/ (Also see "Taiwan Liposome Company General Manager George Yeh: An Interview With PharmAsia News (Part 2 Of 2)" - Scrip, 5 Mar, 2008.)] TLC was incorporated in 1997. It undertakes research, development and commercialization of drug delivery systems for cancer, ophthalmic conditions and infectious diseases. It has bases in Taipei and San Francisco. Others investors in this most recent round of financing included YFY Biotech Management Company, TaiAn Technologies Eminent VC, Boston Life Science Venture Corp. - Alfred Romann ([email protected]) |