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Following the rejection of the Haihe Pharmaceutical Science and Technology Innovation Board IPO on September 17, another pharmaceutical company was rejected recently
.
On September 22, public information on the Shanghai Stock Exchange showed that Jikai Gene failed to pass its initial release because it did not meet the issuance conditions, listing conditions, and information disclosure requirements
.
Prospectus shows, Ji Kai major gene discovery and its derivatives business to business targets, including target selection and validation services, drug development and intellectual property transactions, pre-clinical research / clinical research services
.
The target situation of Jikai Gene's new drug research and development project is mainly divided into three categories.
One is the target that is independently screened and verified.
According to public information, there is no drug developed in the clinical stage for this type of target; the second category has already entered the clinical stage in the industry.
Drugs, but there is no marketed product yet; the third is the mature target of existing marketed drugs
.
According to Jikai Gene's plan, the company plans to go public to raise 1.
2 billion yuan for target screening and verification research center construction projects, innovative drug target data center construction projects, and innovative drug research and development projects
.
Financial data shows that the company has not yet achieved profitability
.
From 2018 to 2020, Jikai Gene lost 40.
805 million yuan, 42.
9915 million yuan and 72.
457 million yuan, respectively.
The company continued to lose money and the loss range has expanded
.
Jikai Gene stated that if the target screening and verification industry grows less than expected, the products or services provided by the company cannot meet the needs of customers such as research doctors, the company cannot fully grasp the industry development trend to achieve sales revenue growth, or the company cannot continue Transforming a new drug R&D pipeline that can create long-term profits, gaining market recognition, and obtaining business opportunities for transfer/licensing rights, the company's revenue growth may not be as expected
.
The company may not be able to achieve profitability for a certain period of time in the future or will never be profitable
.
In addition, the sales expense ratio of Jikai Gene during the reporting period was also relatively high, respectively 34.
51%, 31.
54%, 29.
02% and 35.
28%.
This also means that when Jikai Gene obtains an operating income of RMB 10 in the current period, it also spends on sales.
The cost is about 3 yuan
.
The rejection of the IPO of two biomedical companies within one month has aroused a lot of attention in the industry
.
From the perspective of the industry, due to the innovative attributes and hard technology positioning of the Sci-tech Innovation Board, allowing unprofitable companies to go public has opened up new channels for many pharmaceutical companies to list.
With the release of IPO, the Science and Technology Innovation Board has become more and more stringent in its supervision of biopharmaceutical companies that are planning to IPO, and “pseudo-innovation” is no longer feasible
.
Judging from several rounds of inquiries, the Science and Technology Innovation Board’s listing committee pays more attention to the company’s innovation capabilities and other aspects, and requires Jikai Gene to explain the substitutability of the services provided; whether the core technology of target screening and verification is a conventional technology in the industry, and whether Have high technical barriers; whether most of the products developed before the CHAMP platform and the cell therapy platform are for conventional mature targets, the company's technical advantages and corresponding R&D capabilities
.
It is worth mentioning that almost the same day, the Shanghai Stock Exchange terminated the initial public offering of Haihe Pharmaceuticals and listed it on the Science and Technology Innovation Board
.
The Shanghai Stock Exchange stated that Haihe Pharmaceuticals has undergone two deliberations by the listing committee review meeting.
The STAR Market Listing Committee considered that the issuer had failed to accurately disclose whether it had independently made substantial improvements to the core products authorized to introduce or co-developed, and it would be helpful to the partners.
Whether it constitutes a technological dependence and does not comply with relevant regulations
.
.
On September 22, public information on the Shanghai Stock Exchange showed that Jikai Gene failed to pass its initial release because it did not meet the issuance conditions, listing conditions, and information disclosure requirements
.
Prospectus shows, Ji Kai major gene discovery and its derivatives business to business targets, including target selection and validation services, drug development and intellectual property transactions, pre-clinical research / clinical research services
.
The target situation of Jikai Gene's new drug research and development project is mainly divided into three categories.
One is the target that is independently screened and verified.
According to public information, there is no drug developed in the clinical stage for this type of target; the second category has already entered the clinical stage in the industry.
Drugs, but there is no marketed product yet; the third is the mature target of existing marketed drugs
.
According to Jikai Gene's plan, the company plans to go public to raise 1.
2 billion yuan for target screening and verification research center construction projects, innovative drug target data center construction projects, and innovative drug research and development projects
.
Financial data shows that the company has not yet achieved profitability
.
From 2018 to 2020, Jikai Gene lost 40.
805 million yuan, 42.
9915 million yuan and 72.
457 million yuan, respectively.
The company continued to lose money and the loss range has expanded
.
Jikai Gene stated that if the target screening and verification industry grows less than expected, the products or services provided by the company cannot meet the needs of customers such as research doctors, the company cannot fully grasp the industry development trend to achieve sales revenue growth, or the company cannot continue Transforming a new drug R&D pipeline that can create long-term profits, gaining market recognition, and obtaining business opportunities for transfer/licensing rights, the company's revenue growth may not be as expected
.
The company may not be able to achieve profitability for a certain period of time in the future or will never be profitable
.
In addition, the sales expense ratio of Jikai Gene during the reporting period was also relatively high, respectively 34.
51%, 31.
54%, 29.
02% and 35.
28%.
This also means that when Jikai Gene obtains an operating income of RMB 10 in the current period, it also spends on sales.
The cost is about 3 yuan
.
The rejection of the IPO of two biomedical companies within one month has aroused a lot of attention in the industry
.
From the perspective of the industry, due to the innovative attributes and hard technology positioning of the Sci-tech Innovation Board, allowing unprofitable companies to go public has opened up new channels for many pharmaceutical companies to list.
With the release of IPO, the Science and Technology Innovation Board has become more and more stringent in its supervision of biopharmaceutical companies that are planning to IPO, and “pseudo-innovation” is no longer feasible
.
Judging from several rounds of inquiries, the Science and Technology Innovation Board’s listing committee pays more attention to the company’s innovation capabilities and other aspects, and requires Jikai Gene to explain the substitutability of the services provided; whether the core technology of target screening and verification is a conventional technology in the industry, and whether Have high technical barriers; whether most of the products developed before the CHAMP platform and the cell therapy platform are for conventional mature targets, the company's technical advantages and corresponding R&D capabilities
.
It is worth mentioning that almost the same day, the Shanghai Stock Exchange terminated the initial public offering of Haihe Pharmaceuticals and listed it on the Science and Technology Innovation Board
.
The Shanghai Stock Exchange stated that Haihe Pharmaceuticals has undergone two deliberations by the listing committee review meeting.
The STAR Market Listing Committee considered that the issuer had failed to accurately disclose whether it had independently made substantial improvements to the core products authorized to introduce or co-developed, and it would be helpful to the partners.
Whether it constitutes a technological dependence and does not comply with relevant regulations
.
