InnoCare Pharma (HKG: 9969; SHA: 688428), a Beijing-based biotech company, has released its financial report for 2023, recording RMB 739 million (USD 102.2 million) in revenues and RMB 672 million (USD 92.9 million) in product sales, marking increases of 18.09% and 18.5% year-on-year (YOY), respectively. The company’s research and development (R&D) expenditure rose to RMB 757 million, an increase of 16.73% YOY, while net losses were recorded at RMB 646 million, a decrease of 27.8% YOY. As of the reporting period’s end, InnoCare’s balance of cash and bank deposits reached RMB 8.22 billion (USD 1.13 billion).
The core product, orelabrutinib, a Bruton’s tyrosine kinase (BTK) inhibitor conditionally approved for marketing in China in December 2020, was the primary contributor to the company’s performance. The drug, which received approval in China to treat recurrent/refractory marginal zone lymphoma (MZL) in April 2023, generated sales of RMB 671 million (USD 92.8 million) over the 12-month period, an increase of 18.52% YOY.
Minjuvi (tafasitamab), a CD19 monoclonal antibody (mAb) approved in Hong Kong in December 2022, became available to patients with relapsed/refractory diffuse large B-cell lymphoma (DLBCL) who are ineligible for autologous stem cell transplant (ASCT) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) in January this year. A market filing with the National Medical Products Administration (NMPA) is planned for Q2 2024, with a regulatory decision expected in H1 2025.
InnoCare’s pipeline consists of 13 products, including TYK2 inhibitors ICP-332 and ICP-488, pan TRK inhibitor ICP-723 (Zurletretinib), SHP2 inhibitor ICP-189, and pan FGFR inhibitor ICP-192 (Gunagratinib), among others.- Flcube.com
