June 28, 2023, from Shenzhen, GuangdongJiali Biotechnology Co., Ltd CALI BIOSCIENCES CO., LTD.. (abbreviation”Calabiaceae”) Submitted a prospectus to the Hong Kong Stock Exchange to be listed on the Hong Kong Main Board. This is another application following the expiration of its submission form on January 31, 2022. This submission form is compared to the previous application. Baoxin Securities has withdrawn from the sponsorship team and is currently exclusively sponsored by Agricultural Bank International.
Link to the Calais Biotech prospectus:
Main business
CalabiaceaeEstablished in 2016, as a biotechnology company, based on drug delivery platforms and other patented technologies, it strategically focuses research and development on new anesthetic, analgesic and anti-inflammatory drugs in the perioperative period through advanced technology platforms and accelerated product development strategies.CalabiaceaeIt targets the global market and currently focuses on the US and China markets.
CalabiaceaeUsing the two technology platforms PG-Depot and ClearSol, new long-acting sustained-release drugs are developed on the PG-Depot technology platform, and safe injectable dosage forms of insoluble drugs are also developed on the ClearSol technology platform. The company's product pipeline focuses on non-opioid post-operative pain management, anti-inflammatory pain control, anesthesia and sedation. As of the last practical date, the product pipeline includes the following:
The core product, CPL-01, is a slow-release injectable preparation of naropicaine (naropinR), which provides long-term analgesia after perioperative surgery, reduces the use of opioids, and is safer. The company conducted CPL-01 phase III clinical trials of open abdominal groin hernia repair surgery and bunion resection in the US in April 2023 and May 2023, respectively. It also submitted a phase III clinical trial plan to the China National Drug Administration based on clinical trial results conducted in the US, and obtained CPL from the China Drug Administration in June 2023 01 III Phase clinical trial approval.
CPL-05, a long-acting NSAID used for topical analgesia and anti-inflammatory treatment, has the characteristics of a slow-release administration system, long-term efficacy, and high safety. The company has conducted research on CPL-05 to prepare for IND, and plans to submit an IND application to the FDA and the National Drug Administration by the third quarter of 2024.
CPL-07 is a new formulation of alfasalon. Alfacalon is a neuroactive steroid anesthetic that does not contain Cremophor EL (preparation carrier associated with allergic reactions in previous compounds). The company plans to submit an IND application to the FDA and the National Drug Administration by the first quarter of 2025.
Shareholder structure
According to the prospectus, assuming that Bangzhao has completed the acquisition of some of the shares in Cali Trading and Cali Sigm,CalabiaceaeIn the shareholder structure before listing,
Controlling shareholdersLin DibangMr., holding 50.83% of the shares through Cali Nova and 15.02% of the shares through Bunzhao (holding 3.82% of the shares before completing the acquisition), holding a total of about 65.85% of the shares;
Dr. Chen Xian, holding 15.81% of the shares through Cali Trading; (Bonzhao held 26.18% of the shares before completing the acquisition)
Chen BaizhouMr., hold 0.75% of the shares through Cali Sigm; (Bonzhao held 1.57% of the shares before completing the acquisition)
Shenzhen Dongyangguang Group, holding 7.86% of the shares through DaShan;
Shenzhen Qianhai Bangqin Investment, holding 2.35% of the shares through Bangqin;
Jilin Wantong Group, through Hangbang holding 3.02% of the shares;
Cai Jianyong'sZhejiang Liqin Investment, holding 2.02% of the shares through Powerstone;
Beijing Mingjia Capital, through Changqi holding 2.35% of the shares.
Directors and Executives
CalabiaceaeThe board of directors consists of 6 directors, including 2 executive directors, 1 non-executive director, and 3 independent non-executive directors.
directorates(6 people)
executives(3 people)
Executives include Mr. Lin Dibang, Co-founder, Chairman and Executive Director, Mr. Chen Baizhou, Executive Director and CEO, and Mr. Ho Ka-yiu, Chief Financial Officer.
Company performance
According to the prospectus, in the past 2021 and 2022,CalabiaceaeThere was no main revenue; R&D expenses for the corresponding period were RMB 62,857 million and RMB 84.204,000; net losses for the corresponding period were RMB 109 million and RMB 103 million respectively.
Intermediary team
CalabiaceaeThe main intermediary team for this IPO includes: Agricultural Bank International is its sole sponsor; Deloitte is its auditor; Commerce and Sullivan Cromwell are their company's Chinese lawyers and Hong Kong lawyers; Jingtian Gongcheng and Gao Weishen are their brokerage firm's Chinese lawyers and brokerage firm Hong Kong lawyers respectively; and Frost Sullivan as their independent industry adviser.