TaiMed Biologics Inc (中裕新藥), an HIV/AIDS drug developer, yesterday denied that it is eyeing profits from an anticipated spike in the spread of the disease following the Council of Grand Justices’ ruling that paved the way for the legalization of same-sex marriage.
The rumors are malicious and have damaged the company’s reputation, it said in a filing with the Taiwan Stock Exchange.
The company said that research on its HIV/AIDS drug TMB-355 began more than a decade ago and it placed a lower priority on commercializing the drug in the Taiwan market since listing on the Taipei Exchange in November 2015.
“Due to stringent controls imposed on drug prices under the National Health Insurance scheme, we have ruled out expectations of significant profit in the domestic market,” the company said, adding that its focus is on overseas markets.
The company said that the US market for AIDS/HIV treatments is about 100 times larger than the local market and it has submitted a new drug application to US health authorities.
None of its major stakeholders have strong political leanings, TaiMed said, adding that it has not been in contact with political figures, interest groups or institutions.
Same-sex marriage is a social issue rather than an economic or business matter, it said.
While employees are free to voice their opinions on the matter, TaiMed does not have a stance, it said.
The company urged the government to develop legislation to mitigate social discord.
Meanwhile, TaiMed president and chief executive officer James Chang (張念原) said at a shareholders’ meeting on Friday last week that the company hopes TMB-355 would contribute to sales before the end of the year.
The company has invested more than US$30 million to prepare for TMB-355’s launch in the US, and it has hired 25 salespeople and secured four distribution partnerships there, Chang said.
A protein-drug manufacturing plant in Hsinchu is to break ground this month and is expected to help reduce production costs by the second half of next year, he said.
Investors have been battered by a recent bubble in the local biotechnology sector, he said, adding that the firm’s shares have been undervalued.
TaiMed shares yesterday gained 5.85 percent to close at NT$190, outpacing the Taipei Exchange’s 0.04 percent rise.
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