China-based biopharmaceutical company Shenzhen Chipscreen Biosciences Co., Ltd (SHA: 688321) has announced plans for a private placement of 122,000,000 shares, valued at RMB 960 billion (USD 133 million). This strategic move aims to bolster the company’s financial position and support its research and development (R&D) initiatives.
Investment in In-House Drug Development
A significant portion of the proceeds, amounting to RMB 710 million (USD 98 million), will be allocated to the research and development of in-house drugs. This investment is based on Chipscreen’s current pipelines and future R&D plans, reflecting the company’s commitment to advancing its pharmaceutical offerings. The funds will cover Phase III clinical studies for several key drug candidates, including tucidinostat combined with sintilimab plus bevacizumab in colorectal cancer, chiglitazar alone in metabolic dysfunction-associated steatohepatitis (MASH), chiauranib or placebo combined with immunotherapy plus chemotherapy in first-line extensive-stage small cell lung cancer, and tucidinostat combined with a PD-1 inhibitor in first-line PD-L1-expressed locally advanced or metastatic non-small cell lung cancer.
Supplementary Working Capital
The remaining funds from the private placement will be used to supplement the company’s working capital, ensuring operational efficiency and financial stability as it pursues its R&D objectives and broader business strategies.-Fineline Info & Tech
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