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    Home > Medical News > Medical Research Articles > Biotech suspends ADC and PD-1 research projects for hundreds of millions of yuan, only one drug is used to generate revenue

    Biotech suspends ADC and PD-1 research projects for hundreds of millions of yuan, only one drug is used to generate revenue

    • Last Update: 2021-07-21
    • Source: Internet
    • Author: User
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    On February 21, 2020, Biotech was listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange.
    The total amount of funds raised was 1.
    966 billion yuan.
    After deducting the issuance expenses, the net amount of funds raised was 1.
    876 billion yuan
    .
    The issue price was RMB 32.
    76 per share, and the stock price rose to RMB 78 on the day
    .


    Just 117 days after listing on the Science and Technology Innovation Board, Biotech also sought financing on the Hong Kong Stock Exchange
    .
    According to the plan, if successfully listed in the Hong Kong stock market, Biotech will become the third unprofitable biotechnology company with "A+H" shares after Junshi and Kangsino
    .


    However, on February 24, the Hong Kong Stock Exchange revealed that Biotech’s H-share prospectus submitted on August 24, 2020 was invalid, and it has not yet been inquired about the company’s re-submission of the form to the Hong Kong Stock Exchange
    .


    Although the Science and Technology Innovation Board is open to unprofitable companies for listing, it also imposes certain requirements on the time for companies to lose money
    .
    According to Article 12.
    4.
    2 of the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules", a listed company that chooses the fifth set of criteria will have an audited net profit before and after the deduction in the fourth full fiscal year from the date of listing ( (Including retrospective restatement) is negative and revenue (including retrospective restatement) is less than 100 million yuan
    .


    In addition, if the audited net assets (including retrospective restatement) are negative, the company will also trigger the delisting conditions.
    According to the “Measures for the Continuous Supervision of Listed Companies on the Science and Technology Innovation Board (Trial)”, the The stock will be directly terminated from listing, and the procedures for suspension of listing, resumption of listing, and relisting will no longer apply
    .


    In the 2020 financial report, Biotech also revealed the company's current concerns
    .
    Biotech bluntly stated that although the company is unlikely to remain unprofitable for the next four complete fiscal years, because many products are still in the drug development stage, the company's unprofitable state may continue to exist or the accumulated uncovered losses will continue to expand
    .
    Therefore, it cannot be fully guaranteed to achieve profitability in the next few years, and the company may also face the risk of delisting after listing
    .


    What other products of Biotech are worth looking forward to?


    On the day when it was officially announced that it was in phase III ADC drug development, Biotech’s share price plunged 18.
    73% against the market, the largest one-day drop since its listing
    .
    As of the close, it closed at 25.
    03 yuan/share, a 23.
    6% drop from the issue price (32.
    76 yuan/share)
    .
    On March 5, Biotech’s closing price was 26.
    2 yuan per share
    .


    It can be seen that the termination of research projects has a significant impact on the company's stock market
    .
    However, most of the industry's comments on Biotech are also positive
    .


    Although Biotech has only marketed one drug, it still has 20 products under development, of which 2 products have been submitted for marketing applications, 3 products are in phase III clinical research, and 2 products are in phase II clinical research.
    , 3 products are in phase I clinical research phase
    .


    According to Biotech’s financial report, the company’s fastest listed drugs may be the biosimilar drug BAT1706 and the innovative drug batifiban (BAT2094), which have already submitted a listing application
    .


    Among them, BAT1706 is a bevacizumab injection developed by Biotech in accordance with China's NMPA, US FDA, and EU EMA biosimilar guidelines.
    It is also the second biosimilar drug submitted for marketing
    .
    The original research drug of the drug is Roche's ace biologic Avastin
    .
    At the end of January this year, Biotech announced that the FDA has accepted a biological product marketing authorization application (BLA) for BAT1706 (bevacizumab) injection
    .
    The applied indications include metastatic colorectal cancer, non-squamous non-small cell lung cancer, recurrent glioblastoma, metastatic renal cell carcinoma, and persistent, recurrent or metastatic cervical cancer
    .


    Biotech’s self-developed recombinant humanized anti-interleukin 6 receptor (IL-6) monoclonal antibody BAT1806 (tocilizumab) is currently undergoing an international multi-center phase III clinical study, and it is also a fast-moving trust in the world.
    Biologicalsimilar of Lizumab; the world's first biosimilar candidate for Simpuny, BAT2506 (golimumab) is currently in phase III clinical phase
    .


    From a current point of view, Biotech’s next R&D focus will be on the above-mentioned drugs, with a clear focus on the field of autoimmune diseases
    .


    In addition, there is a personnel adjustment announcement along with the termination of the R&D project and the 2020 financial report.
    Biotech announced on the evening of the 4th that after the board of directors reviewed, it agreed to hire Mr.
    JAN CHAO-HSIANG DAVID as the deputy general manager; hire HUANG Ms.
    WENRONG is the deputy general manager; Mr.
    Wang Chaohe is hired as the deputy general manager; Mr.
    Song Shuqiang is hired as the deputy general manager; Mr.
    Bao Cai is hired as the deputy general manager; Mr.
    Lin Jian is hired as the deputy general manager
    .

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