Non-profitable biotechnology company Veshen Pharmaceuticals recently submitted an application for listing on the main board to the Hong Kong Stock Exchange, with Morgan Stanley and Fosun Rui serving as joint sponsors.

Preliminary prospectus data shows that Veshen Pharmaceuticals focuses on providing treatment solutions for specific endocrine diseases in China. Founded by the Danish biopharmaceutical company Ascendis Pharma (ASND.US), Vivo Capital, and Sofinnova, it is currently a late-stage R&D and near-commercialization biopharmaceutical company with a core product and two investigational drugs, all licensed from one of its partners and controlling shareholder, Ascendis Pharma.

The company has not been profitable so far, recording a loss of 60.131 million yuan RMB in the first four months until the end of April this year. Veshen Pharmaceuticals expects to continue generating significant expenses and operational losses in the coming years, primarily due to further clinical research and development activities, ongoing clinical development of candidate drugs and seeking regulatory approvals, commercializing pipeline products, and hiring necessary personnel.