On January 9, 2021 Ascendis Pharma A/S (Nasdaq: ASND), a biopharmaceutical company that utilizes its innovative TransCon technologies to create product candidates that address unmet medical needs, reported an equity investment of $12.5 million in VISEN Pharmaceuticals (VISEN) as part of VISEN’s $150 million Series B financing (Press release, Ascendis Pharma, JAN 9, 2021, View Source [SID1234573749]).
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"Our relationship with VISEN is a key element of our Vision 3×3 strategy to extend the global reach of our TransCon endocrinology rare disease product candidates and improve patients’ lives around the world," said Jan Mikkelsen, President and CEO at Ascendis Pharma. "Since VISEN’s inception in 2018, the company has made significant progress on its clinical activities in Greater China, which we believe will enable us to get our products to patients worldwide as soon as possible."
In 2018, Ascendis granted VISEN exclusive rights to develop and commercialize TransCon hGH (lonapegsomatropin), TransCon PTH and TransCon CNP in Greater China and received 50 percent ownership of VISEN’s issued and outstanding shares. Following VISEN’s Series B financing, Ascendis retains approximately 44 percent of VISEN’s issued and outstanding shares. As a result, Ascendis expects to recognize a non-cash gain in the first quarter of 2021.
Concurrent with the closing of the Series B financing, Michael Wolff Jensen, Chairman, Senior Vice President and Chief Legal Officer of Ascendis, became a member of VISEN’s board and serves as Chairman. Mr. Mikkelsen also will continue to serve on VISEN’s board.
"I look forward to joining the VISEN board and to working with the talented management team to accelerate the clinical pipeline of investigational TransCon drug candidates," said Mr. Jensen.
About VISEN Pharmaceuticals
VISEN Pharmaceuticals is committed to the treatment of endocrine-related diseases, introducing the world’s leading treatment methods and drugs into the China market and hoping to provide more Chinese patients quick access to the world’s most advanced and reliable treatment solutions.
In 2018, VISEN Pharmaceuticals (VISEN) was formed by Ascendis Pharma A/S (Nasdaq: ASND) and an investor syndicate led by Vivo Capital (along with participation by Sofinnova Ventures), to develop and commercialize endocrinology therapies in Greater China, which includes mainland China, Hong Kong, Macau, and Taiwan.
About TransCon Technology Platform
TransCon refers to "transient conjugation." The proprietary TransCon platform is an innovative technology to create new therapies that are designed to optimize therapeutic effect, including efficacy and safety and through dosing frequency. TransCon molecules have three components: an unmodified parent drug, an inert carrier that protects it, and a linker that temporarily binds the two. When bound, the carrier inactivates and shields the parent drug from clearance. When injected into the body, physiologic conditions (e.g., pH and temperature) initiate the release of the active, unmodified parent drug in a predictable manner. Because the parent drug is unmodified, its original mode of action is expected to be maintained. TransCon technology can be applied broadly to proteins, peptides or small molecules in multiple therapeutic areas, and can be designed for systemic or localized release.