Sino-US contract research organization (CRO) Biocytogen Pharmaceuticals (Beijing) Co., Ltd has completed an initial public offering (IPO) of 21.76 million shares on the Hong Kong Stock Exchange (HKSE), raising a total of HKD 549 million (USD 69.97 million).
Company Overview and Core Products
Founded in 2009, Biocytogen has a pipeline that includes YH003, a humanized IgG2 agonistic antibody targeting CD40, and YH001, a monoclonal antibody (mAb) targeting tumor necrosis factor receptor superfamily member 4 (TNFRSF4, OX40). YH003 is being developed to treat pancreatic ductal adenocarcinoma, melanoma, and other advanced solid tumors, while YH001 is targeting hepatocellular carcinoma (HCC), non-small cell lung cancer (NSCLC), and other solid tumors. Most of the company’s products are being developed in combination with other drugs.
Licensing Deal with Tracon Pharmaceuticals
US-based biopharma Tracon Pharmaceuticals (Nasdaq: TCON) has signed a licensing deal with Biocytogen, gaining development and commercialization rights to YH001 in the US, Canada, and Mexico. The focus will be on sarcoma, microsatellite stable colorectal cancer (mssCRC), renal cell carcinoma (RCC), and K-ras positive non-small cell lung cancer (K-ras NSCLC).
Business Model and Revenue Streams
Biocytogen’s business model comprises two segments: drug development and preclinical research services. The drug development segment focuses on oncology and autoimmune disease treatment, as well as antibody development through its autoantibody discovery platform. The preclinical research services segment includes gene editing, preclinical pharmacological efficacy evaluation, and model animal sales. The company’s revenue primarily comes from preclinical research services and antibody development.
R&D Investment
Biocytogen has a professional R&D team of 904 people. In 2021, the company spent RMB 558 million (USD 81.9 million) on research and development.-Fineline Info & Tech
