China-based InnoCare Pharma (HKG: 9969) has completed an initial public offering (IPO) of 265 million shares on the Shanghai Stock Exchange’s Sci-Tech Innovation Board (STAR) at RMB 11.03 per share ($1.55). The offering raised RMB 2.92 billion ($411 million), with proceeds allocated towards new drug research and development (R&D), upgrading the drug R&D platform, enhancing information infrastructure, and bolstering working capital. As of the close of business on the day, InnoCare reported a share price of RMB 9.33 ($1.31) per share, down 15.41% from its opening price.
Company Overview and Pipeline
InnoCare Pharma focuses on drug development in oncology and autoimmune diseases, with a robust product pipeline that includes the commercialized drug tafasitamab, alongside 11 products in clinical stages and 5 in pre-clinical studies. The company reported revenues of RMB 245.96 million ($34.6 million) and net losses of RMB 445.81 million ($62.7 million) in the first half of 2022.
Future Outlook
The IPO marks a significant milestone for InnoCare Pharma as it seeks to expand its capabilities in drug R&D and enhance its information infrastructure. With the funds raised, the company is well-positioned to advance its pipeline and continue its mission to develop innovative treatments for cancer and autoimmune diseases.-Fineline Info & Tech
