China-based Haisco Pharmaceutical Group Co., Ltd (SHE: 002653) is set to make another public offering of 40 million shares, priced at RMB 20 (USD 2.95) per share, to the Shenzhen Stock Exchange. This move aims to raise significant capital for the company’s ongoing drug development initiatives.
Use of Proceeds
The proceeds from the offering, amounting to RMB 800 million (USD 117.93 million), will be directed towards several key projects. These include funding a Phase III clinical study for the long-acting oral hypoglycemic agent HSK-7653 and its marketing filing in China. Additionally, the funds will support a Phase II/III clinical study and market approval filing for the peripheral neuralgia drug HSK-16149 in China. Other uses include post-marketing re-evaluation for levocarnitine, as well as supplementary working capital and bank loan payback.
Company Background and Development
Haisco Pharmaceutical is a leading player in the Chinese pharmaceutical market, focused on developing innovative treatments for various medical conditions. The upcoming public offering underscores the company’s commitment to advancing its pipeline of new drugs, particularly in the areas of diabetes and peripheral neuralgia. This strategic move is expected to enhance Haisco’s market position and contribute to its long-term growth.-Fineline Info & Tech
