Guangzhou Yinming Biopharmaceutical Technology Co., Ltd. submitted an application for listing to the Hong Kong Stock Exchange, sponsored by China International Capital Corporation and Credit Suisse, according to HKEx filings on Aug. 17. The company is mainly engaged in medical research and experimental development (except human stem cells, gene diagnosis and treatment technology); biomedical technology research (except human stem cells, gene diagnosis and treatment technology); drug research and development (except human stem cells, gene diagnosis and treatment technology); data processing and storage services; data processing and storage product design, etc.

In terms of financial data, the losses for the years ended 31 December 2020 and 2021 and the four months ended 30 April 2022 were 173 million yuan (RMB, the same below), 769 million yuan and 417 million yuan respectively, and R & D expenditure was 60.9 million yuan, 226 million yuan and 89.7 million yuan respectively. Among them, the R & D expenditure of the core product QA102 is 9.8 million yuan, 28.2 million yuan and 12.1 million yuan respectively, accounting for about 16.2%, 12.4% and 13.5% of the total R & D expenditure respectively.

The company's core product, QA102, is a small molecule drug under development to treat dry age-related macular degeneration (age-related macular degeneration). In the Phase I clinical trial of QA102 completed in the United States in November 2021, no serious adverse events were reported by any participants at all dose levels, indicating that QA102 is safe and well tolerated in healthy participants. The company launched a phase II clinical trial in the United States in May 2022. According to Frost Sullivan, QA102 is the first dry age-related macular degeneration developed by a Chinese company and has been approved by the US Food and Drug Administration for clinical trials.