RepliCel Life Sciences Inc (TSXV:RP)
RepliCel is a regenerative medicine company developing autologous cell therapies that address diseases caused by a deficit of healthy cells required for normal healing and function.
Mabpharm Limited, a Taizhou, Jiangsu Province-based biotechnology company, has filed for an initial public offering in Hong Kong, becoming the latest Chinese biotech firm rushing for a Hong Kong IPO.
Since the Hong Kong bourse amended rules to permit listings of biotech companies that do not meet the Main Board’s financial eligibility tests in April, it has attracted several Chinese biotech firms including Suzhou-based biopharmaceutical company Ascentage Pharma Group International and Hangzhou-based Ascletis Pharma.
Founded in 2015, Mabpharm focuses on the research, development, and production of monoclonal antibody drugs for cancers and autoimmune diseases. The biotech firm currently has a pipeline of drug candidates consisting of nine monoclonal antibody drugs, three of which are its core products under phase III clinical trials.
The company has not commercialized any products and therefore did not recognize any revenue till now. For the two years ended December 31, 2016 and 2017 and the five months ended May 31, 2018, it reported a loss and total comprehensive expenses of RMB34.7 million (US$5 million), RMB47.7 million (US$7 million) and RMB37.3 million (US$5.4 million).
China’s biologics market grew by 26.2% from 2013 to 2017, substantially higher than the 7.4% global growth rate during the same period, the company said in its IPO prospectus citing a a Frost & Sullivan report. Also, the market for monoclonal antibody drugs, a subset of biologics, was worth RMB11.8 billion (US$1.7 billion), accounting for 5.4% of the biologics market in China last year, and it is expected to increase to RMB 69.6 billion in 2022.
CDH Investments, an alternative investment fund manager focused on China, holds 22% shares of the company.
Size of IPO was not disclosed. Proceeds of the IPO will be used to further develop the company’s core product candidates and to fund further capital expenditures.
Source: China Money Network
