China-based Ascentage Pharma (HKG: 6855) reported a significant increase in revenue for the six months ending June 30, 2022, with earnings rising 636.9% year-on-year to RMB 95.76 million (USD 13.8 million). The growth was primarily driven by sales of olverembatinib, commercialization license fees, and service income.
Financial Highlights
- Revenue Growth: The company’s revenue surged due to strong sales of olverembatinib, which generated RMB 95.93 million (USD 13.86 million) in invoiced sales revenue since its approval.
- Cash Reserves: As of June 30, 2022, Ascentage Pharma’s cash and bank balances stood at RMB 1.7 billion (USD 245.6 million), consistent with December 31, 2021 levels.
Olverembatinib Commercialization
- Market Access: Olverembatinib has been included in 34 government-backed local supplementary insurance programs across 10 provinces, enhancing patient access.
- Clinical Guidelines: The drug was included in the Chinese Society of Clinical Oncology (CSCO) Guidelines and the China Anti-Cancer Association’s (CACA) 2022 Guidelines, providing clinical guidance for physicians.
Global Clinical Development
- International Trials: Olverembatinib received approval from Health Canada for a Phase Ib study in patients with refractory chronic myeloid leukemia (CML) or Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL).
- COVID-19 Potential: A preclinical study revealed olverembatinib’s potential as a treatment for moderate to severe COVID-19 infections.
Pipeline Progress: Ascentage Pharma’s EED inhibitor APG-5918 entered a first-in-human study in the US and China, while lisaftoclax (APG-2575) is undergoing 19 global clinical trials.-Fineline Info & Tech
