Jiangsu QYuns Therapeutics Co., Ltd. (HKG: 2509), based in China, is poised to launch an initial public offering (IPO) of 12,046,400 shares on the Hong Kong Stock Exchange, with a pricing range set between HKD 19.8 and HKD 20.2 per share. The company anticipates raising between HKD 239 million and HKD 243 million (approximately USD 30.5 million to USD 31 million).
Founded in June 2015, QYuns specializes in developing antibodies for autoimmune diseases and boasts a product pipeline that includes nine drug candidates, highlighted by its core products QX002N and QX005N. QX002N is a late-stage IL-17A inhibitor demonstrating strong efficacy in treating ankylosing spondylitis (AS). QX005N, an IL-4Rα monoclonal antibody, is currently undergoing Phase II clinical trials for atopic dermatitis (AD), nodular prurigo (PN), and chronic sinusitis with nasal polyps (CRSwNP) in China.
The company expects its first commercial-stage product to be QX001S, a biosimilar of Johnson & Johnson’s Stelara (ustekinumab), which will be commercialized in China by Huadong Medicine under a partnership established in August 2020. A biologics license application (BLA) for QX001S was accepted for review by the National Medical Products Administration (NMPA) in August 2023.
In terms of financials, QYuns invested RMB 257.2 million and RMB 263.3 million in research and development in 2022 and the first three quarters of 2023, respectively, and reported cash and cash equivalents of RMB 141.9 million as of January 31, 2024.- Flcube.com
