[Transfer] Real biological IPO: Single hanging to the extreme, fundraising "all in" Azfdin?

[Transfer] Real biological IPO: Single hanging to the extreme, fundraising "all in" Azfdin?

Source: Gazelle Society

Ten days ago, the real creature of the parent company approved by Azfdin submitted the first public offering (IPO) application to the Hong Kong Stock Exchange on the evening of August 4.

The use of IPOs raised funds, including the manufacturing and commercialization of Azfding's core product of the company's treatment of new crown pneumonia, in addition to the treatment of HIV infection, HFMD and several types of hematological tumor clinical development.

In this prospectus, the number of real creatures did not disclose the number of shares to be issued and the amount of funds raised.

Financial data shows that in 2020, 2021 and 2022, the company's revenue was 68,000 yuan, 1.376 million yuan, and 8.451 million yuan, respectively. R & D expenditure has become the most important source of losses.

01. The fundraising is intended to be used in the commercialization of the new crown and oral medication

According to the prospectus, real creatures were established in Pingdingshan City in 2012. It is an innovative drug research and development enterprise integrating independent research and development, production and sales. It is mainly engaged in the research and development of innovative drugs such as antiviral, anti -tumor, cardiovascular and cerebrovascular, and liver disease.

The prospectus states that the company's core product Azf is designated as an innovative drug with broad-spectrum antiviral activity, and has been approved for the treatment of HIV infections and COVID-in July 2021 and July 2022, respectively. 19. The first oral direct antiviral drugs for the treatment of COVID-19 for the first national drug regulatory bureau developed for the Chinese company were directly antiviral drugs. The company claims that it has been fully prepared to start Azfdin's commercial sales.

The prospectus shows that in July 2022, the company and Fosun Pharmaceutical Industry (a subsidiary company of Fosun Pharmaceutical) jointly developed and the exclusive commercialization of Fosun Pharmaceutical Industry in Mainland China and potential areas of the world was used for treatment and prevention. HIV infection and COVID-19 Azf set up a strategic cooperation agreement.

In addition, the company has established a strategic agreement with many leading pharmaceutical manufacturers (including Beijing Union) to produce and supply Azfdin's active drug components (API) and tablets for the company. The company also has its own production capacity, with an annual production capacity of about one billion tablets Azfdin. The company believes that it can produce sufficient amounts of Azf in the combination of its own and contract capacity to meet market demand.

One of the listing of funds for listing is the company's core product Azf's manufacturing and commercialization of COVID-19, which is mainly used to provide funds for the pharmaceutical raw materials required for the purchase of Azf commercialized production, and use it and use it. Provide funds for expanding the capacity of Pingdingshan production plant.

In addition, the raised funds will also be partly used for the clinical development of Azf's treatment of HIV infection, HFMD and several types of hematological tumors. Clinical trials in the plan, clinical development of candidate drugs before clinical or IND stages, strengthening R & D platforms and expanding product pipelines.

02, three weeks of continuous "siege slightly"

It is worth noting that Azf will have to announce the results of the III clinical trials of the new crown pneumonia, to obtain an approval of the registration application, to the announcement of the official investment, and then submitting a listing of listing financing. It only only in three weeks in three weeks. Completed, it is a bit incredible.

On July 15th, the real creature announced the results of the III clinical trials of Azfding's treatment of new crown pneumonia. The results showed that the proportion of clinical symptoms on the 7th day after the first administration of the Azf was 40.43%. It was 10.87%, and the medium time of the Azf fixed group and the placebo group of the improving clinical symptoms of the subject had significant statistical differences (P value <0.001). The real creature disclosure, the clearance time of the new crown virus is about 5 days.

On July 25, the State Drug Administration had the conditions to approve the application of Azf's fixed film to increase the application for the treatment of the new coronary virus pneumonia, and requested that the listing permit holder to continue the relevant research work, complete the requirements for the conditions within a time limit, submit the follow -up subsequent follow -up subsequent subsequent subsequent subsequent subsequent subsequent subsequent subsequent subsequent subsequent subsequent follow -up Research result.

Then, on August 2nd, the new crown oral medicine Azf's setting ceremony was held in Henan True Biotechnology Co., Ltd., Henan True Biotechnology Co., Ltd., Pingdingshan City, and announced that "Azfdin" was put into production. Zhaoyang, the founder of the real creature, said that Azf's anti -new crown indication was approved to be listed, which is an important milestone in the development of real creatures.

Two days later, on August 4, the real biological submitted a listing application to the Stock Exchange.

At present, the real creatures and many domestic pharmaceutical companies such as Xinhua Pharmaceutical, China Resources Shuanghe, and Aoxiang Pharmaceutical have signed a strategic cooperation agreement entrusted by Azf, but the exclusive commercialization rights are handed over to Fosun Pharmaceutical Essence

On July 25th, Fosun Pharmaceutical Announcement reached strategic cooperation with real creatures to promote the joint development of both parties and the exclusive commercialization of Fosun Pharmaceutical Industry Azfding. The above commercialization includes acts such as distribution, imports, exports, sales, and promotion. The area of ​​cooperation includes new crown virus, AIDS therapy and prevention areas. Except for other South American countries and regions).

However, what is slightly strange is that in the face of such a great benefit, Fosun Pharmaceuticals welcomed a diving after the day after opening a sharp opening, but the closing of the market fell more than 3%, leaving long enema yin. It fell nearly 15%. 03. The pipeline is thin, 568 million yuan in two and a half years

From the perspective of the pipeline system of real creatures, in addition to Azf's fixed, the company's pipeline in the clinical stage has only one third-generation EGFR-TKI inhibitor. The high probability of market value fluctuations is "single hanging" Azfding.

Other candidates for real creatures include:

● CL-197, a oral long-acting purine nucleoside antiviral drug for HIV;

● Dokinib, a third representative epidermal growth factor receptor tyrosine kinase inhibitor (EGFR-TKI) anti-tumor candidate drug, compared with a widely used third-generation EGFR-TKI, has the potential Become a more secure, toxic and side effect, lowering the drug;

● MTB-1806, a small molecular candidate drug for the treatment of acute ischemia strokes. By observing pre-clinical studies, its lower dose of administration can reach the NBP (a State Drug Administration Bureau (a State Drug Administration Bureau Approved AIS drugs) is quite effective.

In terms of financial data, the company is in a continuous investment period, less income and continuous losses.

The prospectus shows that in the first May of 2020, 2021 and 2022, other revenue and income of real creatures were 68,000 yuan, 13.76 million yuan, and 8.451 million yuan, respectively. 100 million yuan.

In the past two years and before May 2022, the cumulative loss of real creatures was 566 million yuan, of which R & D expenditure was the most important source of losses.

The company's funding supply mainly comes from institutional investment. Before the IPO, real creatures had completed round A and B financing. In February 2021, the real creature completed a round A financing of 149 million yuan, and the investors were Jinbailin Investment and Yifeng Capital. In April 2022, the real creature completed 563 million yuan in Series B financing. The investors were Yingke Capital, Yingfeng Capital, Asian Capital, Fuqiang Finance, Shanghai Disano Pharmaceutical Co., Ltd..

After the round B financing, the valuation of the real biological after investment was about 3.56 billion yuan.

Although the amount of financing and R & D investment is not small, the number of employees in the company does not seem to be much.

The prospectus disclosed that as of May 31, 2022, the company's internal R & D team consisted of 41 members. Data from Tianyan Check shows that the number of real biological biological companies in 2021 is 33.

Conclusion: The real creature declares the IPO this time. The outside world looks more like a "hurried" listing. After all, I do n’t seize this air outlet, and I do n’t know when it ’s time to wait for a good IPO.

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