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news.Taiwan-based privately held pharmaceutical company TaiGen Biotechnology has raised $37 million through the private placement of preferred C stock from its existing shareholders and new investors, including MPM Capital, National Development Fund, YFY group, Taiwan Sugar, Yao-Hwa Glass Management Commission and Taiwan Global BioFund.
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This new round of financing was completed through TaiGen Biopharmaceuticals Holdings Limited (Cayman), the parent company of TaiGen Biotechnology.
The proceeds are to be used primarily for advancing its global clinical development of nemonoxacin in methicillin-resistant Staphylococcus aureus infections, its first-in-class stem cell mobilizer, TG-0054, in stem cell transplant, chemosensitization and tissue ischemia, and its hepatitis C protease inhibitor program.
Ming-Chu Hsu, president and CEO of TaiGen, said: “We are very pleased to have completed this round of financing. Being able to raise funds in the current challenging financial market is a strong validation of the value of our research programs and the significant progress we made in the past few years in our clinical development programs.
“The additional capital will allow us to continue building a robust and innovative product pipeline. This round of financing will greatly expedite our growth.”