TaiGen Biotech set to be listed on GreTai market by late August
By Kathryn Chiu, The China PostTAIPEI, Taiwan -- Startup TaiGen Biotechnology expects to be listed on GreTai Securities market later this month under the stock code of 4157 or F*Taigen.
August 20, 2013, 12:02 am TWN
TaiGen Biotechnology(太景生物科技,TaiGen), a research-based biotechnology company funded mainly by Taiwan's largest manufacturer of fine paper, Yuen Goong Yu Group(永豐餘集團), made the statement yesterday in a press conference.
TaiGen's Chief Financial Officer told the media briefing that he believes TaiGen will be able to be traded in the Over-the-Counter (OTC) market as it is a Caymen-registered company.
F*Taigen will also be the first Taiwan-listed company whose share face value will be at NT$0.03 or US$0.001 per share instead of the customary NT$10 or US$0.33.
GreTai, OTC and the Taiwan Stock Exchange (TWSE) are three markets for a share listing in Taiwan, with TSWE having the largest number of transactions and market value.
However, due to less stringent application processes and financial requirements, GreTai and OTC usually become capital markets of choice for start-up companies in need of operating capital.
TaiGen's Chairman and Chief Executive Officer Ming-chu Hsu (許明珠) yesterday said she expected the new drug application (NDA) of its broad spectrum antibiotic Nemonoxacin (奈諾沙皇) to be certified in 2014 and hit the mainland China market under the trade name Taigexyn (太捷信).
In June 2012, TaiGen signed an agreement with Zhejiang Medicine Company Limited (ZMC) to out-license the exclusive marketing and manufacturing rights of Nemonoxacin in China, allowing TaiGen to gain broader access to China's US$11 billion antibiotic market.
ZMC is a mainland-based manufacturer and marketer of antibiotics and is a publicly listed company on the Shanghai Stock Exchange.
Industry sources told The China Post that ZMC now has to make up-front payments to TaiGen since Nemonoxacin is still in its clinical trial period; however, ZMC will have to commence paying sales royalties when it launches Nemonoxacin into China under the name Taigexyn. This change will give a boost to TaiGen's royalty income, which is the main source of income for the biotech startup.