Polaris Group-KY announced that it has successfully completed its Year 2024 capital injection with fully raising NT$1,176 million and scheduling to list the newly issued shares on December 11, 2024. This successful capital injection received strong support from domestic and international investors, reflecting the market’s confidence in the company’s development prospects.
This capital injection is a significant boost to the company’s efforts in advancing its dual-engine strategy on the operation of both novel drugs researches and the peptide products, ensuring robust growth momentum. The equity fundraising will primarily be used for the expansion of injectable production line, and GLP-1 peptide API production line at the Zhunan plant, as well as the planned expansion of the GLP-1 peptide API production line at the Chengdu plant in Mainland China.
Polaris Group-KY will continue to strengthen the R&D and innovation capabilities of its subsidiary, Genovior Biotech Corp., with a focus on process optimization to improve production efficiency and product quality, as well as the development of generic drugs for API, injection, and oral formulations. Targeting emerging markets, the Company plans to address the strong demand for peptide products through partnerships in these regions via joint ventures, co-development projects, or technology transfer agreements.
Since the successful Phase III trial results for its new drug ADI-PEG 20, aimed at treating malignant pleural mesothelioma, in September 2022, the Company has been aligning with FDA guidelines for batch production and six-month continuous activity tests, and aims to obtain its first drug approval for ADI-PEG 20 by 2025, followed by its market launch. At the same time, clinical trials for brain cancer, liver cancer, and soft tissue sarcoma are still ongoing in Phase II and III.
Looking forward, Polaris Group-KY will leverage its dual-engine strategy to accelerate growth and drive product commercialization and global expansion. The Company remains committed to leading innovation in the biotech industry and achieving mutually beneficial growth and market breakthroughs.