Sino-US biotech Adlai Nortye Ltd (NASDAQ: ANL) successfully completed its initial public offering (IPO) on the Nasdaq exchange last week. The company issued 2.5 million American depositary shares at a price of USD 23 each, resulting in a gross proceeds of USD 57.5 million. In addition, Adlai Nortye secured USD 40 million through a private placement of 5.22 million Class A shares, sold to Japan-based Nippon Kayaku Co., Ltd, concurrently with the public listing.
Company Overview and Innovative Platforms
Operating from Hangzhou, China, and New Jersey, Adlai Nortye is a clinical biotech firm focused on oncology and immune-based therapies. The company utilizes its proprietary PAINT-2D platform to assess the potential adverse events and combination opportunities of immuno-oncology therapies. Additionally, antibody discovery is facilitated by the ANEAT-Id platform, which boasts a library of 50 billion human antibodies and employs a yeast display system.
Pipeline Highlights and Clinical Developments
Adlai Nortye’s pipeline features a mix of in-licensed candidates and in-house discoveries, including three clinical-stage products. These are: buparlisib (AN2025), an oral pan-class I phosphoinositide 3-kinase (PI3K) inhibitor acquired from Novartis in July 2018, currently in Phase III trials for head and neck squamous cell carcinoma (HNSCC); AN0025 (palupiprant), an EP4 antagonist obtained from Eisai Co., Ltd in January 2018, now in a Phase Ib trial in combination with Keytruda; and AN4005, an in-house developed oral small molecule PD-L1 drug currently in Phase I trials.-Fineline Info & Tech
