- Focused on R&D commercialization with lead programs in Atopic Dermatitis and Alzheimer’s Disease
[Cambridge, Massachusetts / Seoul, Korea | June 12, 2024]
Shaperon, Inc. (Kosdaq 378800, CEO Seung-Yong Seong), a biotech company specializing in innovative immune therapeutics, announced today that it has completed a $9.8 million rights offering subscription. This follows a board resolution made in April 2024.
Dr. Seung-Yong Seong, CEO of Shaperon stated, “Despite having sufficient cash for development and operations as of the end of May, we proceeded with the rights offering for preemptive funding. We regret any potential decrease in company value for our existing shareholders. However, we are grateful to both existing and new shareholders for their trust in our internal capabilities developed over the past decade. These funds will support the smooth progress of the US Phase 2 clinical trial for our atopic dermatitis treatment, ‘NuGel,’ and the stable development of our key pipelines, including the commercialization of bispecific nanobodies.”
A Shaperon representative added, “In response to the adjusted rights offering amount, we will make every effort to ensure that nanobody therapeutics can be licensed out at the preclinical stage. We will also efficiently manage funds through the selection and concentration of specific pipeline assets. Our goal is to secure upfront payments and future milestone revenues through successful technology licensing within this year. Additionally, through open innovation with Dongkook Pharmaceutical in the inflammasome field and Dong-A ST in nanobody development, we will advance our business structure to enable continuous revenue generation in the near term.”
Last year, Shaperon established Hudson Therapeutics, its subsidiary in the US, focusing on stabilizing its business development, clinical, and investors focused organization. In the second half of this year, the company plans to enhance its IR and PR teams to ensure smooth communication within the global market, offering full transparency on all of the company’s programs.
“We sincerely thank all existing investors who believed in our commitment and passion for developing synthetic and nanobody therapeutics, as well as the new investors who participated in these rights offering. “We will do our utmost to stabilize our financials and increase our value promptly,” emphasized the company.
ABOUT SHAPERON
Shaperon is a clinical-stage biotech company developing novel inflammasome inhibitors. Its unique mechanism of action of GPCR19-P2X7 modulation suppresses a broad spectrum of inflammatory cytokines including IL-1β, IL-18, IL-6, and TNF-α by controlling both the priming and activation phases of the inflammasome, whereas conventional approaches are designed to suppress only the activation phase. With this unique and novel modality, which is best suited to address complex immune-mediated inflammatory disorders, Shaperon is currently developing multiple clinical programs in atopic dermatitis, Alzheimer’s disease, and COVID-19 pneumonia in addition to pre-clinical pipelines, including NASH and obesity programs.
ABOUT HUDSON THERAPEUTICS
Hudson Therapeutics, a US subsidiary of Shaperon, was founded and incorporated in the US in 2023 to lead global clinical trials, investor relations, commercial strategy, and business development of assets from Shaperon. Hudson also plans to develop Shaperon's early-stage assets in the future.