China-based oncology specialist 3D Medicines has published its initial public offering (IPO) prospectus with the Hong Kong Stock Exchange (HKSE), though the issuance amount and price have yet to be disclosed.
Company Profile
Founded in 2014, 3D Medicines has a product pipeline that includes envafolimab, a programmed-death ligand 1 (PD-L1) inhibitor approved in November 2021 and commercialized in December 2021. The company also has 11 other drug candidates in its pipeline. Envafolimab is approved in China to treat previously treated microsatellite instability-high (MSI-H)/mismatch repair deficient (dMMR) advanced solid tumors. The incidence of this condition was 146,100 cases in 2021 and is expected to reach 186,000 cases by 2030.
Financial Performance
3D Medicines reported losses of RMB 635.4 million (USD 94 million) in 2020, RMB 1.46 billion (USD 216.1 million) in 2021, and RMB 293.4 million (USD 43.4 million) in the first five months of 2022. These losses were primarily due to research and development (R&D), regulatory expenditures, and preferred stock fair value loss.
IPO Proceeds Allocation
80% of the IPO proceeds are planned to be allocated to R&D, regulatory filing, and commercialization of its products, with 40% specifically designated for envafolimab.-Fineline Info & Tech
