On the Science and Technology Innovation Board, another biopharmaceutical company that has not yet made a profit!

 

On September 9th, Shanghai Yizhong was officially listed on the Science and Technology Innovation Board.
The company issued 26.
45 million shares at a price of 38.
10 yuan per share and raised 1.
008 billion yuan
.
The prospectus shows that the funds raised are mainly used for projects related to the company’s main business, including the construction of an annual output of 5 million paclitaxel polymer micelles for injection and the construction of supporting facilities, clinical research on the expansion of indications for paclitaxel polymer micelles for injection, Four projects including marketing network construction, supplementary working capital and business development funds
.

 

Shanghai Yizhong’s main business is the development of new dosage forms of anti-tumor drugs and related products
.
The prospectus shows that the company's current research and development products include paclitaxel micelles, docetaxel micelles, and cabazitaxel micelles
.
Among them, paclitaxel micelles is the company’s core product.
At present, the phase III clinical trial of paclitaxel micelles combined with cisplatin for the first-line treatment of advanced non-small cell lung cancer has been completed and is under review and approval of new drug registration and marketing.
The new paclitaxel micelles drug is expected in 2021 The new drug registration certificate can be obtained in the third quarter
.

 

　　There is a huge population of lung cancer patients in China.
The number of new patients in 2020 is 820,000.
Among them, non-small cell lung cancer is a very common pathological type in lung cancer, accounting for about 80% of all lung cancers, and there are many unmet needs
.
Paclitaxel is widely used in the treatment of a variety of clinical tumors
.
PDB data shows that paclitaxel usage in sample hospitals has increased from 2.
5619 million (bottles/boxes) in 2015 to 3.
5896 million (bottles/boxes) in 2020, with an average annual compound growth rate of 6.
98%
.
It is understood that paclitaxel micelles are based on innovative pharmaceutical excipients as carriers, and nano-administration technology is used to combine paclitaxel with specific excipients to produce innovative preparations.
Compared with traditional formulations, paclitaxel micelles have a higher tolerable dose and significant curative effect.
Features such as good security
.

 

　　In addition to paclitaxel micelles, Shanghai Yizhong also has products under development such as docetaxel micelles and cabazitaxel micelles that are in the pre-clinical research stage, and clinical trials are expected to start from 2023 to 2024
.

 

　　During the reporting period, the company’s R&D investment was relatively small.
In 2018, 2019 and 2020, it invested 13.
5076 million yuan, 16.
7794 million yuan (excluding share payment), and 17.
8931 million yuan respectively.
The prospectus shows that the small R&D investment is mainly related to The low investment in research and development of improved new drugs, the small number of products under research, and the late stage of paclitaxel micelle research and development are related
.
According to the company's R&D plan for the next three years, clinical research on the expansion of paclitaxel micelles and the research and development of docetaxel micelles and cabazitaxel micelles will be carried out.
R&D investment will continue to increase
.

 

　　In addition, from the financial perspective, as of the signing date of this prospectus, the company's paclitaxel micelles are still in the review stage of registration and listing applications, and have not yet achieved commercial production and sales.
In 2018, 2019 and 2020, they belong to the common stock of the parent company.
The shareholders' net profits were -12,589,900 yuan, -315.
2244 million yuan and -21,846,900 yuan respectively
.
In addition, it is expected that it will still be at a loss from January to September 2021, and it is estimated that the net profit attributable to shareholders of the parent company will be approximately RMB -22 million to RMB -25 million
.