Zitong Financial APP learned that Shanghai Bai Xin'an Biotechnology Co., Ltd. (Shanghai Bio-heart Biological Technology Co., Ltd.,) submitted an application for listing on the main board of the HKEx, with Huatai International as its sponsor, according to the disclosure by the Hong Kong Stock Exchange on September 13. The company submitted its form to the HKEx on 26 February and the hearing information on 16 June, which has now lapsed.

Company profile

Propranolol is a leading innovative invasive cardiovascular device company in China, currently focusing on the following two treatments: (I) fully degradable stent (BRS) therapy to address the unmet medical needs of Chinese patients for the treatment of coronary or peripheral artery disease, and (ii) renal nerve occlusion (RDN) therapy to address the unmet medical needs of patients in the treatment of uncontrolled and refractory hypertension.

The company was established in 2014. To address the unmet medical needs of patients with vascular disease and hypertension in China, the company has developed a comprehensive portfolio of intrusive devices under research, including:

Fully degradable stents under development: the core product Bioheart ®is a self-developed fully degradable stent system used in percutaneous coronary intervention for the treatment of coronary artery disease. The company is one of only four domestic companies with second-generation fully degradable stent products in clinical trials and one of only two domestic companies in China that have launched randomized controlled clinical trials (RCT) in China.

Renal nerve blocking products in research: the company's renal nerve blocking products in research were developed by Antong, a medical device company established in China in 2011 and acquired by the company in September 2020. The company is one of only three companies in China that have renal nerve blocking products in clinical trials, and the second generation of Iberis ®, the product under development, is expected to be the first approved multi-electrode renal nerve blocking product in China.

The following figure summarizes the status of the products under development by the company as of the last practical date:

Financial overview

The company currently has no products approved for commercial sale and does not generate any revenue from product sales during the track record period. The annual ╱ losses of the Company in 2019, 2020 and the six months ended June 30, 2020 and 2021 were RMB23.7 million, RMB340.3 million, RMB13.6 million and RMB227.5 million, respectively. Most of the company's operating losses come from R & D expenses and administrative expenses.

The net cash used for the Company's operating activities in 2019, 2020 and the six months ended 30 June 2020 and 2021 was RMB21.4 million, RMB48.5 million, RMB9.2 million and RMB38.3 million respectively, mainly due to high R & D expenses and administrative expenses incurred by the Company during the track record period, but did not generate any revenue from the sales of the Company's research products.