Lei Jianping on May 1
Huaqian Biotechnology (Qingdao) Co., Ltd. (hereinafter referred to as "Huaqian Biotech") recently submitted a prospectus to be listed on the Hong Kong Stock Exchange.
The annual loss is 100 million yuan
Founded in 2012, Huaqian Biopharma is an innovative China-based biopharmaceutical company focused on protein drugs for indications with unmet medical needs and huge market opportunities.
Huaqi Biopharma's main focus is to discover, develop and commercialize multifunctional therapies for wound healing, with a current focus on the development of platelet-derived growth factor ("PDGF") drugs.
Our core products, Pro-101-1 and Pro-101-2, are recombinant human platelet-derived growth factor-BB ("rhPDGF–BB") drugs.
PDGF is one of the growth factors secreted by platelets after injury, which promotes, among other things, the production of new blood vessels, regulates inflammation, and stimulates cell proliferation and migration, ultimately accelerating wound healing.
PDGF is the only recombinant growth factor approved by the FDA for topical use, specifically for the treatment of glycosade. At the same time, as of the Latest Practicable Date, there are no commercial PDGF drugs in China due to the high barriers to PDGF drug development and production.
According to the prospectus, Huaqian Biotech will have no revenue in 2022, and its revenue in 2023 will be 472,000 yuan, and the losses during the year will be 85.93 million yuan and 105 million yuan respectively.
As of December 31, 2023, the company had cash and cash equivalents of $241.2 million.
The post-investment valuation is 3.3 billion
The chairman of the board of directors and executive director of Huaqian Biotech is Ms. Jia Lijia, the executive directors are Wang Kelong and Dr. Zhai Junhui, and the non-executive directors are Miao Tianxiang, Ms. Lin Ying and Yuan Fei.
The independent non-executive directors of Huaqian Biotech are Huo Zhida, Li Jiayan and Yue Yichun. Jia Lijia and Wang Kelong have a mother-son relationship.
Huaqian Biotech completed the Pre-A round of financing in May 2021 with a post-financing valuation of 805 million yuan, completed the A round of financing in October 2021 with a post-financing valuation of 2.021 billion yuan, and completed the B round of financing of 300 million yuan in May 2023 with a cost per share of 33 yuan and a post-financing valuation of 3.3 billion yuan.
Before the IPO, Jia Lijia held 19.54% of the shares, Wang Kelong held 17.98% of the shares, Ms. Zhang Hongbo held 17.47% of the shares, Li Gewei held 12% of the shares, and Qingdao Hi-Tech held 9.09% of the shares;
Qingdao Huaqian holds 8% of the shares, Song Jianqing holds 5.76% of the shares, CDH holds 4.83% of the shares, Hainan Chinese holds 4.78% of the shares, and Zhang Hong holds 0.54% of the shares.
As of the Latest Practicable Date, Jia Lijia, Wang Kelong, Ms. Zhang Hongbo and Li Gewei jointly owned approximately 66.99% of the total issued share capital of Huaqian Biotech through a concert party agreement.
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