Mengke Pharmaceutical Co., Ltd. focuses on the field of anti-multi-drug resistance and antimicrobial agents, with double driving force at home and abroad.
Mengke Pharmaceutical Co., Ltd. focuses on the field of anti-multi-drug-resistant bacteria, and has been ploughing innovative antimicrobial drugs for many years. Its core product, Contezolamide (MRXI), has been approved and listed in China in June, 2021. Formally transformed from a company in the R & D stage to a pharmaceutical company in the commercial stage, providing antibiotics with better effectiveness and higher safety for patients with multiple infection resistance, which is expected to replace the existing drugs. The company focuses on the world, and Contezolamide is conducting a global multicenter phase III clinical trial.
Head products Contezolamide and MRX-4: outstanding safety advantages
Contezolide is a new generation of oxazolidinone antimicrobial agents against multi-drug-resistant Gram-positive bacteria, which was put on the market and included in health insurance in 2021. MRX-4 is a water-soluble prodrug based on contezolamide, which has been developed for injection and oral administration. There is a broad market demand for anti-multidrug-resistant Gram-positive bacteria at home and abroad, and the domestic market is expected to exceed 10 billion in 2030. The safety of Contezolamide and MRX-4 is significantly better than that of Linezolamide. It is widely used in hematology, respiratory, ICU and other departments and related indications, and has great potential in the fields of drug-resistant tuberculosis and bloodstream infection. Its domestic peak sales are expected to exceed 1 billion yuan.
In March 2022, the company launched a global multicenter trial of MRX-4 Sequential Continamide tablets. The study plans to include about 700 subjects in about 50 centers in China, the United States and Europe, which is expected to be completed in 2026 and has a wide overseas market. In April 2023, the clinical trial of Contezolamide extended to children was officially launched.
With the differential layout of MRX-8 in the replacement pipeline, the market of multi-drug-resistant Gram-negative bacteria is blue in the future. The clinical detection rate of Gram-positive bacteria is much higher than that of Gram-positive bacteria, accounting for 2% of all bacteria. It is estimated that the market size will reach 40 billion yuan in 2030. MRX-8 is an anti-multidrug-resistant Gram-negative bacterial infection drug developed by the company, which belongs to the next generation of polymyxin. At present, the clinical Ⅰ phase in the United States has been completed and the clinical Ⅰ phase trial in China is under way. Up to now, its clinical data have proved that it can significantly reduce nephrotoxicity and neurotoxicity, and is expected to improve the safety of existing polymyxin antibiotics. The company has carried out innovative research and development in the field of radiation anti-infection, including borane antimicrobial MRX5, truncated Pleurotin MRX7 antimicrobial pipelines, MRX-15, MRX-17, MRX-18, MRX-23 and other antiviral and anti-tumor pipelines, which are currently in the stage of preclinical research.
Investment suggestion
We expect the operating income from 2023 to 2025 to be 91 million yuan, 155 million yuan and 244 million yuan, an increase of 88.0%, 71.0% and 57.5% over the same period last year. The company is still in the stage of continuous R & D investment and approaching commercialization, and is expected to maintain losses in the next few years. The net profit from 2023 to 2025 will be-225 million yuan,-194 million yuan and-140 million yuan, an increase of-2.3%, 13.9% and 27.7% over the same period last year. Coverage for the first time, giving a "overweight" rating.
Risk hint
Risk of failure of new drug research and development, risk of third-party entrusted research and development, risk of drug production, risk of deterioration of industry competition pattern, risk of industry regulatory policy