Company overview
Founded in 2012, CANbridge & Johnson is a biomedical company specializing in rare diseases, dedicated to the research, development and commercialization of biotech therapies. The company has built a comprehensive pipeline of 13 drug assets with significant market potential, including three marketed products, four clinical drug candidates, one in the IND preparation phase, two in the preclinical stage, and three other gene therapy projects in the pilot identification stage.
The company's revenue mainly comes from the sale of approved drugs (i.e. CaphosolTM (CAN002), Nerlynx (CAN030) and Hunterase (CAN101)). In 2019, 2020 and the six months ended June 30, 2020 and 2021, the company's income from selling products was RMB1.5 million, RMB12.0 million, RMB1.9 million and RMB12.2 million, respectively. Industry status and prospects
The market for rare disease drugs in China is expected to grow rapidly. The global market for rare drugs increased from $135.1 billion in 2020 to $383.3 billion in 2030, with a compound annual growth rate of 11.0 per cent from 2020 to 2030. China's rare disease drug market will soar from US $1.3 billion in 2020 to US $25.9 billion in 2030, with a compound annual growth rate of 34.5%. China's rare disease drug market accounts for 0.4% and 1.0% of the global rare disease market in 2016 and 2020, respectively.
At present, three targeted drugs for GBM are on the market in China, and seven drugs are being developed in China and around the world. Our core product, CAN008, is a glycosylated CD95-Fc fusion protein being developed for the treatment of GBM. The company expects to commercialize CAN008 in China as a promising combination therapy (radiotherapy plus chemotherapy). Advantages and opportunities
Biomedical companies dedicated to solving rare diseases that have not met their medical needs
A comprehensive combination of rare disease treatments with considerable potential benefits
A wide range of strategic partners to find global innovative therapies
A platform for rare diseases helps to promote rapid and comprehensive product development and market access in China and the world.
The management team has rich industry experience and a track record of weaknesses and risks in the global commercialization of rare disease therapy.
The actual market size of the company's drug candidates may be smaller than expected.
Difficulties may be encountered in recruiting patients in clinical trials
The purpose of the proceeds from the issue
The company intends to use the funds raised for the following purposes: the CAN008; will be allocated to the core product candidate CAN008; to allocate funds to the main product portfolio and drug candidates; it will be allocated to provide funding for current and future research and development of other non-gene therapy products and drug candidates; and will be used to fund current and future research and development of CAN201, CAN202 and other gene therapy drug candidates.
Cornerstone investor
Cornerstone investors have agreed to purchase a number of offer shares at the offer price for a total amount of US $60 million, including RA Capital Healthcare Fund,L.P., Hudson Bay, Janus Investors, GeneralAtlantic, Wuxi Biologics, Ruihua Capital, Belinda A. Termeer, upon completion of certain conditions.
Investment suggestion
Founded in 2012, CANbridge is a China-based biomedical company specializing in rare diseases, dedicated to the research, development and commercialization of biotech therapies. The company has built a comprehensive pipeline of 13 pharmaceutical assets with huge market potential. At present, three targeted drugs for GBM are on the market in China, and seven drugs are being developed in China and around the world.
The company's core product, CAN008, is a glycosylated CD95-Fc fusion protein being developed for the treatment of GBM, which is currently in the second clinical stage and is expected to have a bright future for the commercialization of CAN008 in China. But IPO new market sentiment is still in a cautious state, taking into account the above factors, the company gave IPO a special rating of "5.7".