By Fineline Cube The Nanjing Qixia District People’s Court has accepted a bankruptcy liquidation case for Blue Shield Biotech, a China-based pharmaceutical company specializing in tumor drug development. The move comes after Blue Shield Biotech failed to meet its debt obligations. As of April 9, 2024, the company’s total employee debt stood at RMB 2.11 million. The first creditors’ meeting was convened on April 12, 2024, in the court’s 21st division.
Established in 2018 with registered capital of RMB 100 million, Blue Shield Biotech utilized its proprietary antibody development technology platform, which includes phage antibody libraries and cell engineering technologies, to develop next-generation cell therapies.
The company’s flagship product, LD013, an autologous chimeric antigen receptor (CAR)-T cell therapy, has been administered to three patients. It received approval for clinical studies in China in November 2022. Blue Shield Biotech possesses a total of seven investigational pipelines, with multiple programs at various regulatory or investigator-initiated trial (IIT) stages.
The development marks Blue Shield Biotech as the third biotech to face bankruptcy this year, following the bankruptcies of BJ Bioscience Inc. in January and LianBio (OTCMKTS: LIANY) in February.-Fineline Info & Tech