By Fineline Cube China-based Everest Medicines (HKG: 1952) has released its financial report for 2022, along with key business updates. The company reported revenues of RMB 12.8 million (USD 1.86 million) for the year ending 31 December 2022, an increase of RMB 12.7 million (USD 1.84 million) compared to the previous year, primarily attributed to the sales of eravacyline and Trodelvy in Singapore. Research and development (R&D) expenses for the year rose by 32% year-on-year (YOY) to RMB 809.7 million (USD 117.8 million), an increase of RMB 196.3 million (USD 28.5 million). Net losses for the year were significantly reduced to RMB 247.3 million (USD 35.98 million), down from RMB 1 billion (USD 145.5 million) in the previous year. As of 31 December 2022, cash and cash equivalents and bank deposits stood at RMB 1.651 billion (USD 240.25 million).
Product Approvals and Regulatory Updates
During the period, Xerava (eravacycline) received marketing approval in Hong Kong and Singapore for the treatment of complicated intra-abdominal infections (cIAI), with a market filing under review in Taiwan. In 2023, China’s National Medical Products Administration (NMPA) approved its New Drug Application (NDA) for Xerava for the treatment of cIAI in adult patients. Nefecon, which holds breakthrough therapy designation and priority review statuses, is awaiting regulatory decisions in mainland China and is expected to obtain approval later this year. It is also under fast-track review in South Korea and Taiwan.
License Agreements and Rights Transitions
Everest Medicines returned the rights to develop and commercialize Trodelvy (sacituzumab govitecan) in Greater China and certain Asian markets to Immunomedics Inc., now owned by Gilead. The company also expanded its existing license agreement with Calliditas for Nefecon as a treatment for primary IgAN in South Korea, building on an earlier deal that granted rights in Greater China and Singapore.-Fineline Info & Tech