Company background: Fudan Zhangjiang was founded in 1996, which is mainly engaged in research, development, manufacturing and sales of innovative biomedical products. The company's core products are ALA and Libod, accounting for 38.6% and 57.3% of 2014 revenue, respectively.

Libod continues to grow strongly: Libod was launched in 2009 and can be used for non-Hodgkin's lymphoma, breast cancer, ovarian cancer, non-small cell lung cancer and other malignant tumors. Libod has a better drug delivery mechanism, which can target cancer cells more effectively, and the complications are less than those of traditional doxorubicin. The company granted exclusive distribution rights to 1011.HK, which achieved an average annual compound growth rate of 30 per cent in 2010-14. Libod is currently applying for registration with FDA in the United States, and the company expects the registration process to be completed in 2016. As (1) Libod becomes more popular (compared to traditional doxorubicin and anthracycline drugs), (2) sales channels expand, and (3) it is likely to be included in more provincial serious illness insurance drug catalogs, we believe that Libod can continue its strong growth momentum in the next two to three years.

ALA is a new drug for condyloma acuminatum (CA): it was launched in 2007 and is currently the only photosensitizer on the market for condyloma acuminatum. In the guidelines for diagnosis and treatment of condyloma acuminatum (2014), ALA is listed as one of the drugs priority for condyloma acuminatum. In addition, ALA has also been proved to be more effective than traditional methods. In traditional physical and drug therapy, the recurrence rate is 30% Mel 50%, because they do not completely kill the virus. The recurrence rate of ALA treatment is about 10%.

It is estimated that there are 1 million new patients with condyloma acuminatum each year, and Fudan Zhangjiang has