SyneuRx Announces Closing of Public Offering
Jun 23, 2021
Taipei, Taiwan, June 23, 2021 — SyneuRx International (Taiwan) Corp. (TWSE:6575) today announced the closing of its public offering of 10,000,000 shares for gross proceeds of approximately $14.3 million. The Company will use the proceeds from this offering to fund development of ongoing SNB011 and SND11,12,13 therapeutic drug candidates for COVID-19 and schizophrenia clinical studies. The results of phase 2 topline data from SNB011 and second interim analysis from SND13 are expected by end of 2021.
This is the first public offering since SyneuRx listed in Taiwan Emerging Stock Market in 2016. After comprehensive due diligence on SyneuRx’s clinical trial designs, patent portfolio, market potential, and corporate governance perspectives, Taiwania Capital decides to participate in the public offering as the lead investor, followed by Mega International Commercial Bank and SinoPac Venture Capital. Taiwania Captial has extensive international experiences and will provide valuable advises to SyneuRex’s future business and capital market strategies.
SyneuRx has been fully dedicated to new drug development since its incorporation. A total of eight IND applications for schizophrenia, MDD, dementia, and COVID-19 have been approved by the US FDA. The global multicenter trials for SND12 and SND13, both have been granted breakthrough therapy designation for schizophrenia treatment, were launched in 2017. Although the COVID-19 pandemic affected the progress of enrollment in the United States and Europe, the first interim analysis report of SND13 was completed in July 2020, and clinical trials in Taiwan will soon be kicked off to facilitate the overall enrollment progress. The results of SND13 second interim analysis are expected by the end of 2021, and associated licensing negotiations will be accelerated afterwards. This is one main purpose of this fund raising.
The other main purpose of this fund raising is to launch clinical trial of Pentarlandir®, an antiviral drug for COVID-19 patients with mild symptoms. For those whom cannot be protected by vaccines or are under the attacks from variants, the development of therapeutic drugs is critical to reduce the risk of patient deterioration, and to lessen the resource burdens on the health care system. Biden administration recently announced it would invest $3.2 billion to facilitate the development of antiviral pills for COVID-19. Preclinical work has shown that SyneuRex’s Pentarlandir® can work effectively against SARS-CoV-2 in 3 mechanisms of action : (1) inhibiting the main protease of SARS-CoV-2 to suppress virus replication, (2) inhibiting the transmembrane protease serine 2 (TMPRSS2) of human cells to block virus entry to human cells, and (3) providing anti-inflammatory effect against cytokine storm that can lead to the deterioration of the illness. SyneuRx has initiated the phase 2 clinical trial of Pentarlandir® in the US in April, 2021, ensuring the development progress of Pentarlandir® is ahead of other companies focused on similar MOAs. Taiwan FDA recently approved the IND application for COVID-19 in a short 5-day review. Meanwhile, inhaled dose of Pentarlandir® will launch clinical trial around by the end of 2021.
SyneuRx’s Chairman and CEO, Emil Tsai, MD, PhD, MAS, pointed out that ‘’The influence and aftermath of COVID-19 pandemic is very likely to be as sever and enduring as the Spanish flu occurred in 1918-1920. As the rapid and complex evolution of SARS-CoV-2 variants quickly deteriorates the protection of prevailing medical measures, the efficacies of multivalent flu vaccines have decreased to 30-40%, and many monoclonal antibody therapies fail to meet their expectations. Designs of drug treatment against COVID-19 need to be based on more precise and advanced scientific foundations to lead us to win this long war. Pentarlandir® is a pancoronal antiviral drug; both its current oral capsule form and inhalation formulation in the future will demonstrate its advantages when facing such long-lasting pandemic.’’
About SyneuRx International (Taiwan) Corp.
SyneuRx is a global biotech company listed in Taiwan (TWSE: 6575), undergoing clinical development of new classes of drugs for multiple major CNS disease conditions and COVID-19. Several early and late phase clinical trials are currently in progress for multiple indications globally, including schizophrenia, dementia, depression, and COVID-19.
This press release does not constitute any invitation or offer to purchase or subscribe for the stocks of SyneuRx. The forward-looking statements in the press release are neither promises nor guarantees of future performance and are subject to various risks and uncertainties, which may cause huge deviation from the expected results in those forward-looking statements. SyneuRx has no obligation to amend or update this press release to respond to any events that occur after the publication of this article. New drug development takes a long time and high investment costs, without guarantee of success. All these unpredictabilities may put the investment at risk. SyneuRx does not encourage short-term investment. Investors should make diligent judgments and invest carefully.