Green bamboo biological intends to go to Hong Kong to go public: shingle -shaped vaccine has not yet been commercialized, losing 500 million in 2021

Zhongxin Jingwei, July 7th (Lin Yisi) Recently, topics such as "it is recommended to bring parents to inoculate shingles vaccine as soon as possible" and other topics appear on Weibo hot search. The shingles vaccine also aroused widespread public attention.

On June 28, Beijing Green Bamboo Biotechnology Co., Ltd. (hereinafter referred to as green bamboo biology) publicly submitted the prospectus publicly to go public in Hong Kong. CICC is an exclusive sponsor. Compared with other products, the shingles vaccine of green bamboo organisms focus on "parity", but the company does not have the commercialization of products. In 2021, the loss reached 500 million yuan.

1,000 yuan to 1600 yuan for one course of treatment

Established in 2001, Green Bamboo Biology is a biotechnology company that provides human vaccines and therapeutic biological agents. Its product pipeline includes three clinical stages of research products, and 4 clinical pre -clinical research products.

According to the official website, since the establishment of Green Bamboo Biology, three kinds of polysaccharide protein combined vaccines, 2 polysaccharides and 1 virus activated vaccine have been successfully researched. These 6 types of vaccines have been transferred to Beijing Zhifei Green Bamboo Biopharmaceutical Co., Ltd. Company (hereinafter referred to as Zhifei Green Bamboo). Zhifei Green Bamboo is a wholly -owned subsidiary of the 100 billion market value vaccine.

It is worth noting that its core product with herpespes vaccine LZ901, which is used to prevent herpes zoster caused by herpes zoster viruses at the age of 50 and above. At present, the product is in the second phase of clinical research, and it is expected to become the world's first shingles vaccine with tetraphinopopic molecular structure.

Speaking of shingles, many people will feel strange, but when they mention "flying snake eggs", "snake wrapped waist" and "waist dragon", they will evoke many people with pain and pus. According to statistics, about 10%of patients with herpes zoster will be picked up with herpes simplex.

Zospellings are a infectious skin disease. Wang Ming, chief expert of the Guangzhou Prevention Medical Association, previously introduced in an interview with the media that according to the clinical study of the reorganization vaccine, the 20-year-old age group was inoculated with 2 doses of the vaccine. The effective rate of preventing shingles can reach 97%, and the effective rate of prevention of neuralgia can reach 91%; people over the age of 70 are still greater than 85%. As the risk of shingles increases with age, it is recommended to vaccinate people over 50 years of age to prevent shingles from suffering from old age.

It can be said that the importance of shingles vaccine is that the elderly are no less than that of HPV to women, so it is also known as the "elderly HPV vaccine".

As one of the three categories of vaccines, the potential of shingling vaccine market has huge potential. According to Ferris Sanderian data, according to sales revenue, the Chinese shingles vaccine market increased from zero in 2015 to RMB 600 million in 2021, and it is expected to increase in 2025 to 10.8 billion yuan, 2021 in 2021 By 2025, the compound annual growth rate was 103.8%, and it would further increase to RMB 28.1 billion in 2030, and the compound annual growth rate from 2025 to 2030 reached 21.1%.

However, Shingrix, the product of GlaxoSmithg in China, is currently approved in China and officially launched in June 2020. It is the first shingles vaccine approved by China.

However, from Shingrix's income, you can still see the huge market space with shingles vaccine. In 2020 and 2021, its global sales reached 1.989 billion pounds, 1.721 billion pounds, or about RMB 16.3 billion and 14.1 billion yuan. When it was approved in China in 2020, the approval volume reached 1.6497 million.

If it can be listed smoothly, Green Bamboo Bio said that its shingles vaccine has the advantage in price than imported vaccines. The prospectus disclosed that the retail price of LZ901 is expected to be about RMB 500 to RMB 800. Each course of treatment is injected with two stitches, which is about 1,600 yuan for the retail price of other commercially available shingles vaccines in China. Two stitches in the course of treatment will save more than half of the expenses.

It is understood that Green Bamboo Biological plans to complete the II phase II clinical trial in China in the fourth quarter of 2022, launching phase III clinical trials in the first quarter of 2023, and submitting LZ901 to the State Drug Administration in the second quarter of 2024 in the second quarter of 2024 NDA (new drug application). In addition, the company submitted an IND application (clinical research application) to the FDA in January 2022, and plans to launch phase I/II clinical trials in the United States in 2023.

In addition to green bamboo biology, the layout of domestic shingles vaccines also includes Bio biology, Ruico creatures, Shanghai biology, and Yi Dao creatures. The fastest progress is the Best Bio of Changchun High -tech subsidiary.

Guosheng Securities Report on June 21 stated that the zing -like vaccine of Baik organisms is expected to be approved from the end of 2022 to the beginning of 2023.

Shareholders are hidden in Tiger Medicine

The prospectus shows that Green Bamboo Biological was co -founded by the three of Kong Jian, Jiang Xianmin and Zhang Yiping. Among them, Ms. Kong Jian and Ms. Zhang Yingping are the relationship between husband and wife, and control a total of 40.87%of the equity of the company. Kong Jian is the general manager of the company, chairman of the board of directors, and Zhang Yiping as the deputy general manager.

The prospectus shows that before the establishment of Green Bamboo Biology, Kong Jian, Jiang Xianmin and Zhang Yiping all worked in the Beijing Institute of Biological Products, the former Ministry of Health. It is understood that the Beijing Biological Products Research Institute is one of the "six major institutions" of the vaccine industry. It is a local vaccine research institution built under the coordination of the country and cultivated a large number of talents in the field of biopharmaceuticals for the country. At the same time, after the completion of the last round of financing, Zhuhai Hengqin Green Bamboo Enterprise Management Partnership (Limited Partnership) held 6.41%, Beijing Yizhuang Biomedical M & A Investment Center (limited partnership) holding 10.23%, Beijing Yizhuang The second phase of the biomedical industry investment fund (limited partnership) holds 9.54%of the shares, and Beijing Sai Sheng Pharmaceutical Co., Ltd. holds 7.16%.

In addition, Jianyin International Capital Management (Tianjin) Co., Ltd. holds 6.07%, Jinjiang Yirui Equity Investment Partnership (Limited Partnership) holds 4.05%, and Hangzhou Taijin Equity Investment Fund Partnership (Limited Partnership) (Part 2) Called Hangzhou Taiyu), Zhuhai Lizhu Pharmaceutical Equity Investment Management Co., Ltd. (hereinafter referred to as Zhuhai Lizhu) and other shareholders.

The prospectus shows that Hangzhou Taijin Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as Hangzhou Taiyi) holds 1.21%. It is worth noting that as of the last actual possible date, about 49.00%of Hangzhou Taizheng's equity is a wholly -owned subsidiary of Hangzhou Tig Pharmaceutical Technology Co., Ltd. (hereinafter referred to as Tiger Medicine), a wholly -owned company in Hangzhou Tiger Equity Investment Partnership (Limited Partnership) holds.

In 2021, a loss of 500 million financings for financial management

Wind data shows that since 2014, Green Bamboo Biological has received five rounds of financing, completed a round A financing of 250 million yuan in 2019, the third quarter of 2021 has completed a round B financing of 350 million yuan, and 120 million in the first quarter of 2022 was completed. The Yuan B+round of financing and the completion of 218 million yuan in the second quarter, with a cumulative financing of 938 million yuan. After the C -round of financing, the company's valuation was 4.42 billion yuan.

The prospectus shows that there is no substantial promotion of commercial sales products at present, nor does it generate any income from product sales.

In 2020 and 2021, the other income of green bamboo biology was 4.978 million yuan and 6.896 million yuan, respectively; the total loss and comprehensive expenditure were 174 million yuan and 539 million yuan, respectively.

In the first quarter of 2022, the biological revenue of green bamboo was 3.575 million yuan, and the revenue of the same period last year was 1.122 million yuan; the loss was 44.297 million yuan, and the loss was 119 million yuan in the previous year.

The prospectus disclosed that other income mainly includes rental income (mainly due to leasing Beijing facilities from a pharmaceutical company), mainly to the revenue of the pharmaceutical company, local CDC or distributor to sell the testing dose, government subsidies, bank balance interest income The leasing of the Zhuhai facilities is income from gold interest income and providing technical services (mainly antibody purification services) to pharmaceutical companies. Most of the losses come from R & D expenditure, administrative expenses, and financial liabilities that are included in profit or loss at fair value of financial liabilities.

"Due to further clinical research, continuing clinical development, seeking regulatory approval and production of products, launching and promoting our product pipelines, and increasing personnel needed for business business, we expect that in the future, we will generate more business in the future. Surgery, especially increasing R & D expenses, administrative expenses, and business losses. "Green Bamboo Bio said.

In the first quarter of 2020, 2021 and 2022, the company's R & D expenditure was 15.665 million yuan, 42.983 million yuan and 21.748 million yuan, respectively.

As of March 31, 2020 and 2021, and March 31, 2022, the nets of green bamboo creatures were 171 million yuan, 551 million yuan, and 644 million yuan, respectively. Green Bamboo Biological said that the increase in net value of mobile assets during the period of the trading period was mainly due to the increase in financial assets calculated in the profit or loss of profit or loss, mainly because of its wealth management products purchased by the B+round of financing.

If you have money for wealth management, you can see that the company's cash is still enough to cover daily business operations. However, Green Bamboo Bio also said that the average cash consumption rate in the future is about 8.4 times as of 15 months ended March 31, 2022, and the cash and cash equivalent of cash and cash on March 31, 2022 will be included in the profit or loss at the fair value. The financial assets (redeemed as required), together with the C round of financing, will be able to maintain its financial feasibility of about 6.9 months. If the net amount of the estimated income is calculated, it will be about 30.5 months. "We will continue to closely monitor operating funds and expect to raise the next round of financing at the time of need. The minimum buffer amount is twelve months." Green Bamboo Bio said. (Zhongxin Jingwei APP)

(The views in the article are for reference only, do not constitute investment suggestions, have risks in investment, and need to be cautious to enter the market.)

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Editor in charge: Luo Yan

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