Zhitong Financial APP learned that an innovation-driven biopharmaceutical company submitted its application for listing of Hong Kong shares due to Ming Bio on Aug. 17. Since its establishment in 2016, Yingming Biology has been committed to the independent discovery and development of new and potentially innovative drugs to address unmet clinical needs in many medical areas around the world.

Yingming Biology is one of the few pharmaceutical companies in China that have internal independent research and development capabilities and take scientific breakthroughs as the driving force to independently develop potential similar pioneering drugs. With its strong R & D and operation capabilities, Yingming has created a rich variety of product pipelines.It has 7 kinds of drugs under research (6 kinds of clinical stage), involving four major fields: ophthalmic drugs, recombinant protein botulinum toxin, tumor immune drugs and pet immune drugs.

It is worth noting thatQA102, the core product developed by Yingming Biology, can treat dry age-related macular degeneration by killing or inhibiting the growth of bacteria in the eye.The results of the phase I clinical trial of the drug showed that the healthy participants were well tolerated to QA102 and no serious adverse events were reported by any participants at all dose levels. There is no effective treatment for dry age-related macular degeneration in the world, and QA102, as the company's potential first drug under development, has launched a phase II clinical trial in the United States in May 2022. At present, the company has three patents and 30 patent applications related to QA102.

Age-related macular degeneration is an eye disease that causes blindness. Frost Sullivan reports that the number of patients with dry age-related macular degeneration has surged year after year, from 177.8 million in 2017 to 188.3 million in 2021. The number of patients is expected to reach 197.7 million in 2025 and 209.6 million in 2030.Once effective drugs for dry age-related macular degeneration are approved and commercialized, the market for dry age-related macular degeneration will grow explosively.The global market for dry age-related macular degeneration is expected to grow from $298.2 million in 2023 to $1.6966 billion in 2025, with a compound annual growth rate of 138.5 per cent and a further growth to $7.2698 billion by 2030.

In addition to QA102, another innovation developed by Yingming Biology for the treatment of dry age-related macular degeneration has entered phase II clinical trials; applications for small molecular eye drops QD109 for the treatment of demodex blepharitis are under intense preparation; YY001, which is used to block neuromuscular contacts and treat interbrow lines, has entered phase I/II clinical trials in China. PRJ1-3024 for the treatment of advanced solid tumor has entered phase I/II clinical trials in China and phase I clinical trials in the United States; GGW101 for the treatment of canine pruritus and GGW102 for the treatment of feline infectious peritonitis completed phase I clinical trials in China in July 2022. Because the innovation of biology is aimed at serving the unmet medical needs in the large market, it has the potential to gradually realize great commercial value. Diversified innovation pipelines covering four major treatment areas can also provide companies and investors with a portfolio of risk-balanced products.

In addition, the company has been actively seeking patent protection for the products under development and submitting additional patent applications in due courseCurrently, the company owns or otherwise has exclusive rights to 13 registered patents and 119 pending patent applications (including 13 Patent Cooperation Treaty applications) worldwide.

Yingming Biology has always focused on internal research and development of products under research with innovative potential, so the company is committed to investing in pathogenesis, new treatment pathways, potential target properties, as well as new compounds and preparations. For the years ended December 31, 2020 and 2021, and for the four months ended April 30, 2022, the company's R & D expenditure was approximately RMB 60.908 million, RMB 226 million and RMB 89.735 million respectively.

In terms of financial profits and losses, the company's actual losses for the years ended December 31, 2020 and 2021 and for the four months ended April 30, 2022 were about RMB 69.702 million, RMB 222 million and RMB 95.712 million respectively, mainly due to the company's rapid and multi-pipeline research and development progress, further strengthening preclinical R & D work and increasing related administrative expenses during the performance period:

In the book fund balance, the company's cash and cash equivalents for the four months ended April 30, 2022 were approximately RMB 401 million. Together with the RMB 130 million brought by the company's completion of the financing round in July, the company has ample cash flow.