Hong Kong stocks added another unprofitable innovative pharmaceutical company, which has doubled its valuation sevenfold in four years.

Pharmaceutical Network Corporate News it is learnt that And Platinum Pharmaceutical Holdings Limited ("and Platinum Pharmaceuticals") has submitted its main board listing application to the Hong Kong Stock Exchange, with Morgan Stanley, B of A Securities and CITIC Securities acting as co-sponsors. founded in 2016,
is a biopharmaceutical company focused on innovative drug research and development in the field of oncology immunology and immunological diseases, with operations and research and development bases in Shanghai and innovation centers in the United States and the Netherlands.
according to the prospectine, there are currently 6 projects in the clinical phase of platinum medicine, including FcRn inhibitor Bartoli monoanti (HBM9161), TNF-alpha inhibitor Tenasip (HBM9036), anti-CTLA-4 antibody HBM4003, HER2/CD3 dual-specific antibody HBM9302, etc.
in addition to the development of pipelines, the FcRn inhibitor FcRn (HBM9036), which is used to treat moderate to severe dry eye disease, is progressing rapidly, and the species has been registered in China for three phases in August this year.
TNF-alpha inhibitor Bartoli monoanti (HBM9161), followed by phase 1b/2 trials of optic neurospinalitis spectrum disease in January this year, Phase 2/3 registration trials for immunocompromletoid reduction in March, and Phase 2 clinical trials of severe muscle weakness.
is understood that Platinum Pharmaceuticals plans to begin a phase 3 registration trial for the treatment of thyroid-related eye disease in 2021.
Taking into account China's newly revised policy on rare diseases, the company plans to apply for breakthrough therapeutic drugs for optic neurospinal cord disease spectrum disease and severe muscle weakness in the first half of 2021 in order to seek special channels such as rapid review and priority review.
, the company has not yet had products for commercial sales, so it has not been profitable, operating in a state of continuing losses.
2018, 2019 and the first six months of 2020, the company's operating losses were $34.583 million, $67.496 million and $48.382 million, respectively, according to the company's prospecto.
It is worth mentioning that since its inception, the company has completed five rounds of financing, a cumulative amount of 322 million U.S. dollars, the investors behind the well-known venture capital Gaotejia investment, Aobo Capital, Xiangfeng Investment, Reliance Peak Capital, as well as early investors stillCapital, Junlian Capital.
recent round of financing was completed in July with a $102.8 million round of C financing, which valued the company at $780 million.
company's valuation has tripled in four years from its $104 million valuation in 2016 after completing the A1 round of financing.
per share also rose from $14.26 to $49.56 per share.
, and Platinum Pharma has not disclosed the amount of funds proposed for the IPO.
, the funds raised will be used in part for the clinical development of three pillar products: FcRn inhibitors, TNF-alpha inhibitors and anti-CTLA-4 antibodies, according to the prospecto.
According to incomplete statistics, so far this year, in addition to platinum medicine, there have been a number of unprofitable biotechnology companies to Hong Kong IPOs, including four in the first half of 2020 alone, raising a total of HK$10,099 million, an average of HK$2,525 million each.
including No Cheng Jianhua, Rongchang Bio and so on.
, No cheng Jianhua is the first Hong Kong-listed unprofitable biopharmaceutical company in 2020.
was officially listed on the Hong Kong Stock Exchange on March 23 with an initial opening price of $9.40, up 5% from the listing price of $8.95, raising a total of 250 million shares and raising about HK$2,093 million.
According to the prospectus, The capital raising will be used to rapidly advance the development of the core product Aubudini and ICP-192 and ICP-105 for the treatment of FGFR signal abnormal solid tumors, and to accelerate the exploration of the globalization of the products.
.