Leidi.com Lei Jianping July 28
Biopharmaceutical company Adlai Nortye Ltd. ("Arnold Medicine") has recently submitted documents to the US SEC, preparing to list on NASDAQ in the US under the stock code "ANL".
Arno Medicine once sprinted to be listed on the Hong Kong Stock Exchange in September 2021, but to no avail. After two years, Arnold Pharma switched channels and prepared to be listed on the US stock market.
Annual loss of US$58.79 million without revenue
Founded in 2004, Arnold has established R&D and clinical operation centers in both China and the United States. The current product pipeline covers 7 anti-tumor drug candidates, 3 of which are in the clinical stage:
AN2025 (buparlisib) has obtained the fast-track qualification from the FDA and is expected to become the first-in-class drug for the treatment of recurrent or metastatic HNSCC, and a global multi-center phase III clinical trial is underway;
AN0025 (palupiprant) is in the clinical stage and has the potential to become the first-in-class EP4 antagonist used to regulate the tumor microenvironment; AN4005 is the fastest-growing candidate drug in the clinical stage independently developed and has the potential to become the first-in-class Small molecule PD-L1 inhibitors can be taken orally.
According to the prospectus, Arnold Medicine's revenue in 2021 will be US$45.73 million. However, from 2022 to now, Arnold Medicine has not had any income.
The operating loss of Arnold Medicine in 2021 and 2022 will be US$8.646 million and US$67.27 million respectively; the operating loss of Arnold Medicine in the first quarter of 2023 will be US$15.26 million, compared with US$11.289 million in the same period last year.
Arnold's net loss in 2021 and 2022 will be US$56.68 million and US$58.79 million respectively; Arnold's net loss in the first quarter of 2023 will be US$15.02 million, compared with a net loss of US$11.07 million in the same period last year.
Ruihe Capital and Tigermed are shareholders
Since its establishment, Arnold Medicine has received multiple financings. Investors include Ruihe Capital, Yuanming Capital, Matrix Partners, DT Capital, Yahui Investment, Tigermed, Yingke Capital, Shengxin Ventures, Puxin Ruiyuan, and Hongtu No. 5, ICBC Asset Management, SDIC Merchants, Legend Star, WuXi Biological Industry Fund, Qinzhi Capital, Qingdao Mukui, Guolian Industrial Investment, etc.
Among them, USD 5.4 million in Series A financing was obtained in 2015, USD 52.8 million in Series B financing was completed in 2018, and USD 63.7 million in Series C financing was completed in 2020. Tigermed and Yingke Capital jointly led the investment, ATCG Holdings, Shengxin Venture Capital , Puxin Ruiyuan, Hongtu No. 5 and a fund under ICBC Asset Management Global participated in the investment.
In July 2021, the D round of financing of US$97.4 million was completed, jointly led by SDIC China Merchants and Tigermed (300347), Lenovo Star, WuXi Biological Industry Fund, Qinzhi Capital, Qingdao Mukui, Guolian Industrial Investment, a certain National investment institutions, a well-known investment institution, and Tiange Interactive participated in the investment, and the original shareholders ATCG Holdings and Ruihe Capital continued to participate in the investment.
Before the IPO, Lu Yang, chairman and CEO of Arnold Pharmaceuticals, held 38.3% of the shares, Nortye Talent Limited held 9.2%, and angel investor Shao Hui held 7% of the shares through ATCG Holding Limited;
JIN YIN (BVI) LIMITED holds 6.2%, Nortye International holds 6.1%, UNIQUE MARK VENTURES LIMITED holds 5.9%, and PECO International holds 5.1%.
On the whole, the D-round investors of Arnold Pharmaceuticals originally expected the company to be listed in 2021, but now they have been trapped for two years. If the valuation is not satisfactory, it is very likely that they will face losses in the future.
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