Guangzhou-based MingMed Biotech has officially made an initial public offering (IPO) to the Hong Kong Stock Exchange (HKSE). CICC and Credit Suisse are acting as co-sponsors.
Company Overview
The innovation-driven pharmaceutical company is focused on the self-discovery and development of potential first-in-class (FIC) drugs. These drugs aim to address major unmet clinical needs in multiple treatment areas around the world. As of August 11, 2022, MingMed’s product pipeline mainly includes seven drugs under in-house development. These cover ophthalmology, recombinant protein botulinum toxin, tumor immunotherapy, and pet immunotherapy.
Drug Development and Approvals
The firm’s potential first-in-class small-molecule drug QA102 was approved to enter clinical trials for age-related macular degeneration in the US in May 2021. According to Frost & Sullivan, MingMed is one of the few domestic companies capable of developing best-in-class drugs on their own.
Patent Portfolio and Clinical Approvals
As of August 11, 2022, its global patent portfolio includes 13 issued patents and 119 patents pending (including 13 PCT applications) in China and beyond. In addition, since 2021, the company has received three drug clinical trial approvals in the US, and made four clinical filings in China. As of August 11, 2022, six of them have been approved.
Funding and Backers
MingMed has amassed an RMB805 million (USD118.4 million) war chest since its inception. The company is backed by Gao Rong Capital, which controls a 10.15% stake, Lightspeed China, Efung Capital, and others.-Fineline Info & Tech
