As a result of the strong demand from long-term institutional investors, the company has decided to increase the size of the Directed Issue with approximately USD 8 million from approximately USD 40 million to approximately USD 48 million.

The Directed Issue was oversubscribed and the company received support from new shareholders such as a European specialist healthcare fund and a large healthcare dedicated mutual fund, alongside existing shareholders including HBM Healthcare Investments, HealthCap VII L.P., the Fourth AP Fund, Invus, and Sanofi, amongst others.

Following the upsize of the Directed Issue of approximately USD 8 million, Vicore intends to use the net proceeds to finance the expanded Phase 2b ASPIRE trial of buloxibutid in idiopathic pulmonary fibrosis, buloxibutid clinical, regulatory, and manufacturing activities for Phase 3 and early commercial strategy, platform and early-stage pipeline, and working capital and general corporate purposes.

“We are pleased to announce this successful financing with strong support from top institutional investors who share our vision and confidence in Vicore’s strategic direction,” says Ahmed Mousa, Chief Executive Officer of Vicore. “Expanding the ASPIRE trial reflects our confidence in buloxibutid’s potential to deliver benchmark-setting efficacy and address the profound unmet need in IPF.”