The application from Shenzhen Chipscreen Biosciences
Ltd. (Shenzhen, China), one of three approved this week, is moving
rapidly compared with approvals for Shanghai’s main board. The
innovation board accepted Chipscreen's listing application on March 27
and approved it on June 5. The China Securities Regulatory Commission
(CSRC) has 20 days to decide whether to register the application.
Listings on the main board must be approved directly by the commission, a
process that can take up to four years.
Although the innovation board would allow preprofit
biotechs to list in Shanghai, Qiming Venture Partner’s Nisa Leung told
BioCentury early this year that she expected the first companies
selected for listing to have high growth potential and some sales
because the government wants to avoid poor performance in its first
offerings. At the time, Leung expected the first offerings to debut in
Q3 of this year (see "Shanghai’s New Chapter").
Chipscreen reported a net profit of RMB19 million
($2.7 million) in 2018, driven by sales of its HDAC inhibitor Epidaza
chidamide for non-Hodgkin and peripheral T cell lymphomas.
The company has seven other candidates in its
pipeline for various cancers, Type II diabetes, non-alcoholic
steatohepatitis (NASH) and autoimmune diseases, including rheumatoid
arthritis. They range from preclinical to Phase III testing or NDA
Entities associated with Chairman, General Manager
and CSO Xianping Lu hold about 32% of Chipscreen’s equity, while
CapitalBio holds about 12%; Pingxiang Yongzhi Yinghua Yuanfeng
Investment Partnership has 7.8%; Lilly Asia Ventures has 7%; and Vertex
Technology fund has 6.6%.