To enrich working capital, TaiRx has successfully raised 504 million NTD on October 28, 2020, and issued common shares on November 27, 2020. With the newly joined strategic alliance investment partners, it will bring a strong backing for the company’s operation.
The funds raised are mainly used for the development of TaiRx’s flagship product CVM-1118 (Foslinanib) which is currently under phase II clinical trial development in liver cancer and neuroendocrine tumors. CVM-1118 is a potential first-in-class drug for anti-tumor growth and metastasis via strong inhibition on vasculogenic mimicry pathway. TaiRx will also strive to plan clinical trials for other cancer types or drugs in combination to increase its applicability and product value.