Leidi.com Lei Jianping October 1
Biopharmaceutical company Adlai Nortye Ltd. (referred to as "Arnold Pharmaceuticals", stock code "ANL") recently listed on the NASDAQ in the United States.
Arnold Pharmaceuticals tried to be listed on the Hong Kong Stock Exchange in September 2021, but ended up with no results. After two years, Arnold Medical changed its direction and was listed on the US stock market.
The issue price of Arnold Medicine was US$23 and it raised US$98 million, of which US$58 million was raised from the IPO and US$40 million came from private placement during the same period.
However, Arnold Pharmaceuticals performed poorly in the capital market. The opening price of Arnold Medicine was US$18, down 21.7% from the issue price; the closing price was US$15, down 34.78% from the issue price; based on the closing price, the company's market value was US$560 million.
No revenue yet. Net loss in the first half of the year was US$78.42 million.
Arnold Pharmaceutical was founded in 2004 and has R&D and clinical operation centers in China and the United States. Its current product pipeline covers 7 anti-tumor drug candidates, 3 of which are in clinical stage:
AN2025 (buparlisib) has obtained fast track status from the FDA and is expected to become a first-of-its-kind drug for the treatment of recurrent or metastatic HNSCC. It is currently conducting phase III clinical trials in multiple centers around the world;
AN0025 (palupiprant) is in the clinical stage and has the potential to become a first-of-its-kind EP4 antagonist used to regulate the tumor microenvironment; AN4005 is the independently developed candidate drug that has made the fastest progress in the clinical stage and has the potential to become a first-of-its-kind EP4 antagonist. Small molecule PD-L1 inhibitors can be taken orally.
The prospectus shows that Arnold Pharmaceutical’s revenue in 2021 will be US$45.73 million. However, from 2022 to now, Arnold Pharmaceutical has not had any revenue.
Arnold Pharmaceutical's operating losses in 2021 and 2022 will be US$8.646 million and US$67.27 million respectively; net losses will be US$56.68 million and US$58.79 million respectively;
Arnold Pharmaceuticals' operating loss in the first half of 2023 was US$32.13 million, compared with US$28.82 million in the same period last year; net loss was US$78.42 million, compared with US$14.56 million in the same period last year.
Ruihe Capital and Tigermed are shareholders
Arnold Medicine has received multiple financings since its establishment. Investors include Ruihe Capital, Yuanming Capital, Matrix Ventures, Detong Capital, Yahui Investment, Tigermed, Yingke Capital, Shengxin Venture Capital, Puxin Ruiyuan, and Hongtu No. 5, ICBC Asset Management, SDIC Investment, Legend Star, WuXi Biologics Industry Fund, Qinzhi Capital, Qingdao Mukui, Guolian Industrial Investment, etc.
Among them, it received US$5.4 million in Series A financing in 2015, completed US$52.8 million in Series B financing in 2018, and completed US$63.7 million in Series C financing in 2020. It was jointly led by Tigermed and Yingke Capital, and ATCG Holdings and Shengxin Venture Capital , Puxin Ruiyuan, Hongtu No. 5 and a fund under ICBC Asset Management Global participated in the investment.
The Series D financing of US$97.4 million was completed in July 2021, jointly led by SDIC Investment and Tigermed, with participation from Legend Star, WuXi Biologics Industry Fund, Qinzhi Capital, Qingdao Mukui, Guolian Industrial Investment Tiange Interactive, etc. Investment, original shareholders ATCG Holdings and Ruihe Capital will continue to participate in the investment.
Before the IPO, Arnold Pharmaceuticals Chairman and CEO Lu Yang held 38.3% of the shares, Norye Talent Limited held 9.2% of the shares, and angel investor Shao Hui held 7% of the shares through ATCG Holding Limited;
JIN YIN (BVI) LIMITED holds 6.2%, Norye International holds 6.1%, UNIQUE MARK VENTURES LIMITED holds 5.9%, and PECO International holds 5.1%.
Lu Yang is a serial entrepreneur. He once founded Boxin Biotech, which specializes in PCR reagent diagnostics, and Nuotai Biotech, which specializes in peptide generic drugs. He later transitioned to innovative drugs. Arnold Medicine is the third company founded by Lu Yang.
After the IPO, Lu Yang holds 35.3% of the shares and 79.5% of the voting rights; Norye Talent Limited holds 8.1% of the shares and has 2.6% of the voting rights; angel investor Shao Hui holds 6.2% of the shares through ATCG Holding Limited, with 2 % voting rights;
JIN YIN (BVI) LIMITED holds 5.5% of the shares and has 1.7% of the voting rights; Norye International holds 5.4% of the shares and has 1.7% of the voting rights; UNIQUE MARK VENTURES LIMITED holds 5.2% of the shares and has 1.6% of the voting rights. PECO International holds 4.5% of the shares and has 1.4% of the voting rights.
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