TAIPEI, Taiwan, Oct. 21, 2016 /PRNewswire/ -- Taiwan-based vaccine provider Adimmune (4142 TT) successfully placed NT$ 1.5 bn (~US$ 48 mn) guaranteed convertible bonds due 2021 (the "Bonds"). This is the largest fund raising event in Taiwan's healthcare sector in 2016.
The net proceeds of the issue of the Bonds will be used primarily to support its strategy of investment in innovative vaccines and expansion into new markets; the remaining proceeds will further strengthen Adimmune's financial position.
Adimmune's aseptic filling line has already obtained US cGMP certification, and the recombinant 4 strains seasonal flu vaccine, in collaboration with Protein Sciences Corporation, has been approved by US FDA. These vaccines are expected to start commercial production in 2017 with sales commencing in the US the same year.
In Europe, a Phase III non-inferiority clinical trial of 4 strains seasonal flu vaccine was recently launched in Belgium. The recruitment of the trial is expected to be completed by the end of 2016 and approval to be obtained by third quarter of 2018, pending results of the trial. In addition, Adimmune has applied for the approval of 4 strains seasonal flu vaccine in Taiwan and is expected to obtain approval by 2017.
"We are very grateful for the strong institutional investor support of our convertible bond issuance," stated Vic Chang, CFO of Adimmune. "It is a challenging time globally for innovative biotech companies to raise funds and we feel that the success of this issuance is indicative of how Adimmune's dedication and potential in this sector has been recognized by the investment community."
Adimmune's 9-month revenue for 2016 was up 90% YoY, ahead of market expectations. The strong growth is on the back of new orders from Japan and the US, as well as an expanded vaccination plan by the Taiwan government.
About Adimmune: Adimmune is the No.1 flu vaccine provider in Asia to obtain US, EU, China and Taiwan cGMP, and will obtain Japan cGMP in 2017. The Company has ample capacity in flu vaccine of 25mn doses/year and pre-filled syringe (PFS) of 25mn doses/year. Its solid capability in high-quality commercial scale human vaccine manufacturing has enabled Adimmune to expand its business to China, Europe, Japan and the US. Currently Adimmune is the largest provider of flu vaccine (3 strains) and sole provider of Japanese Encephalitis vaccine and Tetanus vaccine in Taiwan. Adimmune is listed on the Taiwan Stock Exchange (4142 TT). For more information, please visit http://www.adimmune.com.tw.
Last updated on: 24/10/2016
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