Since its establishment, it has raised more than 900 million yuan, with Banyan Capital holding more than 10%.
This article is written by IPO who knows the original author | Stone Jin Wechat official account | ipozaozhidao
According to IPO, Guangzhou Yingming Biopharmaceutical Technology Co., Ltd. (hereinafter referred to as "Yinming Biology") formally submitted its prospectus to the Hong Kong Stock Exchange on August 17, with China International Capital Corporation and Credit Suisse as co-sponsors.
The first subsidiary was established in 2016.$MingMed Biotechnology Co., Ltd. (810429.HK)$As an innovation-driven biopharmaceutical company, it is committed to independently discovering and developing potential innovative drugs to address major unmet clinical needs in many medical areas around the world.
As of August 11, 2022Because of living things.The product pipeline mainly includes seven drugs under development.Each itemDrugs under developmentAll are independent research and development, coveringOphthalmic drugs, recombinant protein botulinum toxin, tumor immune drugsAndPet immune drugsFour major areas。
According to Frost Sullivan, Yingming Biology is one of the few Chinese companies that have the ability to independently develop similar innovative new drugs.
As of August 11, 2022, Inmin's global patent portfolio includes 13 patents granted in China and overseas and 119 pending patents (including 13 Patent Cooperation Treaty applications).
In addition自2Since 021Yinming biologyHas been submitted to the United States Food and Drug Administration and approved.3Applications for clinical trials of drugs shall be submitted to the State Drug Administration of China.4Application for clinical trials of drugsAs of August 11, 2022,有6Item approved。
As for the R & D team. As of August 11, 2022, Inmin's R & D team consists of 169 members, 21 of whom hold doctorates and / or medical doctorates.
Among them, Professor Wei Lai, the chief scientific officer of Institutes of Health, has made various scientific discoveries and research achievements in the pathogenesis, diagnosis and treatment of various immune-related diseases. Dr. Liao Xuebin, co-founder and scientific consultant, has worked at Yale University and Novartis, and is an internationally renowned researcher in tumor immunology. Dr. Ouyanghui, Chief Technology Officer, used to work for Elgin Company in the United States.
Since its establishmentYinming biologyHas obtained Qianming Investment, Huacheng Venture Capital, Integrity Venture Capital, Jingcheng Capital, Banyan Capital, Speed of Light China, Hengqin Capital, Huajin Capital, Yatsen, Haisong Capital, Taixin Capital, Jifeng Capital, Yifeng Capital, Nansha Financial Holdings,Taiping medical and healthThe investment of dozens of well-known institutions, with a cumulative financing of about 9. 9%.05100 million yuan。
Prior to IPO, Banyan Capital held a 10.15% stake in Yinming Biology and was the largest outside institutional investor.
Core drugPhase I clinical trialMade a fine play
In May this year,Conduct phase II clinical trials
In Inmin Biology's product line, the small molecule drug QA102 is the core drug for the treatment of dry age-related macular degeneration-as a potential first drug in development, QA102 uses a unique mechanism compared to other drugs currently under clinical development for dry 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. In May this year, QA102 launched a phase II clinical trial in the United States.
According to Frost Sullivan, QA102 is the first developed by a Chinese company干Sexual age-related macular degeneration and has been approved by the United States Food and Drug Administration for clinical trials of drugs in development. As ofAugust 11, 2022QA102 is also one of the five clinical trials in the world that have entered phase II.干Sexual age-related macular degeneration is one of the drugs being developed by small molecules.As of Aug. 11, 2022, Yingming Biology has a total of 3 patents and 30 patent applications related to QA102.
In addition, in the field of ophthalmic drugs, Yingming Bio has also developed an innovative traditional Chinese medicine QA108 in China for the treatment of dry age-related macular degeneration, which has entered phase II clinical trials in China after it was approved in January this year. Based on the new mechanism they have discovered to eliminate Demodex, Yingming Bio is also developing a small molecule eye drops drug QD109, which can eliminate Demodex and is used to treat Demodex blepharitis (that is, eyelid inflammation caused by Demodex and may lead to xerophthalmia). Inming Biology is preparing a drug clinical trial application for QD109 to start clinical trials in the United States.
In the other three major areasProducts under developmentHave entered the clinical stage.
Commercial production facilities年Start operation before the end of the year
In the field of recombinant protein botulinum toxin, Yingming is developing a recombinant botulinum toxin type A product, YY001. After it was approved by China's State Drug Administration in March this year, it conducted a phase I/II clinical trial to improve eyebrow lines in China. According to Frost Sullivan,As ofAugust 11, 2022YY001 is the only recombinant protein botulinum toxin under development approved by the State Drug Administration of China for clinical trials.And at the same timeThe world's first and only clinical subtype A1 recombinant botulinum toxin type An is under development.。
It is worth mentioning that Yinming Bio has begun to build commercial production facilities that meet the GMP standards in Chongqing, China, as a base for future production of YY001, with a total floor area of about 12000 square meters. The facility, currently designed to produce 2 million bottles of YY001 freeze-dried preparations per year, is expected to be operational by the end of this year.
In the field of tumor immune drugs, in view of the discovery that "hematopoietic progenitor cell kinase 1 (" HPK1 ") mediates T cell dysfunction and is a drug target for improving T cell failure and enhancing T cell immunotherapy function, Dr. Liao Xuebin, co-founder and scientific consultant, has developed a new small molecule inhibitor PRJ1-3024 targeting tumor immune target HPK1 for the treatment of advanced solid tumors. It has entered phase I/II clinical trial and phase I clinical trial in China and the United States respectively.
With the expertise in immunology and the accumulated experience in the development of small molecular drugs, Yingming biology has also been extended to pet immune drugs. Inmin is developing a small molecule Janus kinase ("JAK") inhibitor, GGW101, to treat canine pruritus, and a potential first immune checkpoint inhibitor, GGW102, to treat feline infectious peritonitis. Both GGW101 and GGW102 completed phase I clinical trials in China in July this year.
DiversificationProductPipeline reduces overall development risk
Four main therapeutic areas of marketThe prospect is quite considerable.
It is not difficult to find that through the research and development of drugs for four therapeutic areas, Yingming can not only meet medical needs and market opportunities in various fields, but also balance risks and make product lines more diversified.
In addition, Mingshi's approach is to focus on the research and development of innovative drugs and improved products-the former is aimed at the layout of disease-related adaptive diseases that are far from meeting clinical needs (such as QA102), while the latter aims to make significant improvements to the existing products on the market (such as YY001), further hedging the R & D risk through the product portfolio.
Because Ming Bio emphasized in the prospectus其Diversified pipelines have new varieties和The best combination of mature targets can reduce the overall development risk.。
In fact, the four major fields involved in Yingming biology so far also have great prospects for development.
Take the core drug QA102 as an example. According to Frost Sullivan, the number of patients with dry age-related macular degeneration is 188 million in the world in 2021 and 34.8 million in China, which is expected to increase to 210 million and 43.8 million respectively by 2030.
As of August 11, 2022, there is no effective treatment for dry age-related macular degeneration in the world, and patients with dry age-related macular degeneration are only recommended to take a variety of treatments that slow down but can not stop or reverse the progression of the disease. there are a large number of unmet medical needs in these patients.
In other wordsOnce effective treatment干Drugs for sexual age-related macular degeneration approved and commercialized successfully干The market for sex-age-related macular degeneration drugs will achieve explosive growth。
Similarly, China's botulinum toxin market has grown at a compound annual growth rate of 25.6% from 1.9 billion yuan in 2017 to 4.6 billion yuan in 2021. It is expected to further increase to 12.6 billion yuan and 39 billion yuan in 2025 and 2030, respectively. The compound annual growth rate from 2021 to 2025 and from 2025 to 2030 will be 28.4% and 25.4%, respectively.
With the continuous increase in the number of domestic pets and the continuous improvement of pet health awareness, the rapid growth of pet drug market is also obvious.
