TaiGen Biotechnology Secures 37 Million USD in Series C Round... ( TAIPEI Taiwan Jan. 20 Asia/ -- ....)

TaiGen Biotechnology Secures 37 Million USD in Series C Round Financing

Date:1/20/2009

TAIPEI, Taiwan, Jan. 20 /PRNewswire-Asia/ -- TaiGen Biotechnology Co., Ltd., a privately-held pharmaceutical company focused on developing drugs to treat infectious diseases, cancer and diabetes-related complications, announced that it has raised 37 million USD through the private placement of preferred C stock from its existing shareholders and new investors, including MPM Capital, National Development Fund, YFY group, Taiwan Sugar Corporation, Yao-Hwa Glass Management Commission and Taiwan Global BioFund. This new round of financing was completed through TaiGen Biopharmaceuticals Holdings Limited (Cayman), the parent company of TaiGen Biotechnology Co., Ltd. The proceeds are to be used primarily for advancing its global clinical development of Nemonoxacin in MRSA infections, its first-in-class stem cell mobilizer, TG-0054, in stem cell transplant, chemosensitization and tissue ischemia, and its hepatitis C protease inhibitor program.

Dr. Ming-Chu Hsu, President & CEO said, "We are very pleased to have completed this round of financing. Being able to raise funds in the current challenging financial market is a strong validation of the value of our research programs and the significant progress we made in the past few years in our clinical development programs. The additional capital will allow us to continue building a robust and innovative product pipeline. This round of financing will greatly expedite our growth."

About TaiGen Biotechnology Co., Ltd.

TaiGen Biotechnology Co., Ltd., (http://www.taigenbiotech.com/) is a leading development stage pharmaceutical company based in Taiwan with a wholly
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SOURCE TaiGen Biotechnology Co., Ltd.
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TaiGen Biotechnology Secures 37 Million USD in Series C Round...( TAIPEI Taiwan Jan. 20 Asia/ -- ....)