Fri, Jan 04, 2019 - Page 12 News List

TaiRX reports progress in bid to list on TPEX

By Ted Chen  /  Staff reporter

New drug developer TaiRX Inc (台睿生技) on Wednesday announced that the government has certified the company as a technology firm, opening the way for it to gain listing on the Taipei Exchange (TPEX).

The Industrial Development Bureau has issued a favorable opinion regarding the market viability of the company’s products and development pipeline, it said.

The certification is a part of government efforts to promote fledgling businesses, such as new drug developers, and allows applicants to bypass profitability requirements and raise capital from the Taipei Exchange.

The company said that CVM-1118, its new synthetic small molecule designed to inhibit vasculogenic mimicry in malignant tumors, has begun phase II trials in Taiwan and the US for late-stage liver cancer and neuroendocrine tumors that have little treatment options.

The small molecule, which has been registered with the WHO under the name Foslinanib, could become one of the first targeted therapy options that is capable of suppressing tumor growth and treat multiple types of cancers, the company said.

The company’s revenue prospects have also improved after obtaining approval from the Food and Drug Administration to market Zelnite, its newly developed treatment for selenium deficiency.

In related news, ASLAN Pharmaceuticals Ltd (亞獅康) on Wednesday announced that it has completed patient enrollment in its major phase II trial for varlitinib, its bile duct carcinoma drug.

The company has enrolled 127 patients ahead of schedule in 56 medical centers in the US, Europe, Australia, Japan and other Asian countries, it said.

The study is expected to be completed in the second half of this year and favorable data could help expedite varlitinib’s application with the US Food and Drug Administration as a new second-line targeted therapy option for bile duct carcinoma patients.

Authorities in the US and South Korea have also extended orphan drug status to varlitinib to help address the lack of treatment options for the disease.

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