ImmuneOnco Biopharmaceuticals (Shanghai) Co., Ltd (HKG: 1541) marked its debut on the Hong Kong Stock Exchange this morning, with a positive start as its share price surpassed the issuance price of RMB 18.6 per share in early trading. The initial public offering (IPO) is anticipated to raise over HKD 300 million (USD 41.4 million) for the company.
Proceeds Allocation to R&D and Commercialization
As detailed in the IPO prospectus, the funds raised will be directed towards the research and development (R&D) and commercialization of the company’s core product, IMM01, as well as other bispecific antibodies (BsAbs) including IMM0306, IMM2902, and IMM2520. These BsAbs are at the forefront of ImmuneOnco’s pipeline and are crucial to the company’s growth strategy.
Pipeline Expansion and Manufacturing Investment
ImmuneOnco is also gearing up to initiate studies for the anti-CD24 monoclonal antibody (mAb) IMM47, while ongoing clinical studies for BsAb IMM2510 and CTLA4 mAb IMM27M are underway. A portion of the IPO proceeds is allocated for the construction of new manufacturing facilities in Zhangjiang, Shanghai, which will bolster the company’s production capabilities. Additionally, funds will be used for pre-clinical and chemistry, manufacturing, and control (CMC) work, ensuring the company’s products meet the highest standards before reaching the market.-Fineline Info & Tech
