TWi Pharmaceuticals Issues GDR and Raised NT$ 2.83 Billion

TAIPEI, Sept. 16, 2015 /PRNewswire/ -- TWi Pharmaceuticals, Inc. ("TWi") (Stock Ticker: 4180.TT) today announced that it has priced and issued 14.40 million units of GDR (Global Depository Receipts) at US$ 6.05 per unit in the evening of September 16, Taipei Time. This fundraising was based on the issuance of 14.40 million new common shares, with each GDR unit represents 1 common share of TWi.  The issue price was equivalent to NT$ 197.0 per TWi common share, which is a 9.8% discount from the average closing price of past 5 days, and raised a total of NT$ 2.83 billion.  This round of fundraising set the record of the first Taiwanese pharmaceutical company issuing overseas GDR and also the highest amount raised among publicly listed Biotech/Medical sector in Taiwan stock markets.

"We are very pleased that TWi became the first company in Taiwan to raise funds through overseas GDR and leading among the peer domestic biotech/healthcare companies," said Ms. Eva Ho, CFO of TWi. "This not only successfully brought in over US$ 87 million of overseas capital for the Company but also increased our QFII (Qualified Foreign Institutional Investors) holding percentage, which is the highest among Taiwan biotech companies, and promoted our corporate reputation and image around the globe. The investors that participated in the fundraising were all world-renowned institutional investors from Europe, America, and Asia. The overall interest level for this fundraising was very high among the investors."

According to the underwriter, TWi's GDR was priced at US$ 6.05 per unit. Calculated based on the exchange rate of US$ 1 to NT$ 32.574, the issue price for each TWi's common share was equivalent to NT$ 197.0. Under the circumstances of global economic instability, imminent US dollar appreciation, sovereign debt problem in the EU zone, and turmoils among the emerging stock markets, investors were still very confident at the vision of Chairman Dr. Chih-Ming Chen and TWi's niche market position in the U.S. generic industry due to its strong R&D capabilities, solid commercialization experiences, and elite executive team, eyeing on the long-term sustainability of the pharmaceutical industry. Investors have high hopes for the successful future development of TWi.

The underwriter and the global coordinator for this GDR is Morgan Stanley. The proceeds of the funds will be used for TWi's continuous R&D efforts, increased investment in its Chinese subsidiary, and expansion of its Taiwan production lines.

About TWi Pharmaceuticals, Inc.

TWi Pharmaceuticals, Inc. is a leading specialty pharmaceutical company based in Taipei, Taiwan, focusing on the development of high barrier generic prescription products ranging from oral controlled release dosage form to novel drug delivery systems including the utilization of nanoparticles, transdermal, and polymeric oral delivery systems. Leveraging its internal research and development capabilities, together with operational flexibility, process development, manufacturing and regulatory expertise, TWi Pharmaceuticals concentrates on products and technologies that present significant barriers to entry or offer Paragraph IV first-to-file or first-to-market opportunities in the United States. For more information of TWi Pharmaceuticals, please visit www.twipharma.com .

Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management's current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may," "will," "should," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults, currency exchange rates, interest rates, persistency levels and frequency/severity of insured loss events, (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganisation, including related integration issues.

The company assumes no obligation to update any information contained herein.

Contact :
Eric Lin 
Tel: +886-2-2657-3350 #407
email: [email protected]

SOURCE TWi Pharmaceuticals, Inc.