Zebra Consumer Zone Jingjing

The development of new monoclonal antibody drugs has not been completed for 16 years, and Maibo Pharmaceuticals has to approach the capital market in advance.

A few days ago, Maibo Pharmaceutical submitted a hearing to the Hong Kong Stock Exchange to raise funds to improve the company's financial constraints.

According to the hearing information, the company developed 9 products in hand, and the income from the main business was 0 during the reporting period. The largest source of income was financial subsidies and income from the preparation of services for related parties.

The company's monoclonal products are widely used in the treatment of cancer and autoimmune diseases. Frost & Sullivan predicts that the market size will reach 69.6 billion yuan in 2022.

This track is very crowded, Junshi Bio,Hengrui MedicineMany domestic companies such as Livzon Medicine have already been involved, and it will not be too much time left for Maibo Pharmaceutical.

Core product development has been 16 years

There are three types of products that Maibo Pharmaceutical has entered into Phase 3 clinical trials - CMAB007 (Omaizumab), CMAB008 (Cetuximab) and CMAB009 (Infliximab), which are the core of the company's high hopes for commercialization in advance. product.

Among them, CMAB007 is mainly used for allergic asthma, CMAB008 is mainly used for rheumatoid arthritis, and CMAB009 is mainly used for metastatic colorectal cancer.

However, the development time of the above three monoclonal antibody new products is really too long.

If the equity mergers and acquisitions are counted, the development of these three monoclonal antibodies has been going on for 16 years.

In 2002, CMAB008 began preparation and preclinical research; in 2003, CMAB007 and CMAB009 prepared and conducted preclinical studies. At that time, the research and development responsibility of the three monoclonal antibody drugs was Zhangjiang Biotechnology.

Around 2010, when the above three monoclonal antibody drugs were prepared and conducted in Phase II/III clinical trials, Sinomab subsidiary Baimaibo was involved as a third party, which at the time mainly assisted Zhangjiang Biotechnology in preparation and commercialization.

In 2013, Zhangjiang Biotechnology suffered a major loss due to poor management. In the following years, Maibo Pharmaceutical's parent company, Sinomab, acquired the core products jointly owned by Zhangjiang Biotechnology and Baimaibo in China through the acquisition of Zhangjiang Biotech's equity through affiliates. All rights and interests.

In 2016, the above three monoclonal antibody drugs were transferred to the company's indirect wholly-owned subsidiary Taizhou Pharmaceutical for preparation and phase III new clinical trials. As of the disclosure date, Phase III clinical trials of core products are still in progress.

The company disclosed that it is expected that the above three monoclonal antibody drugs will be submitted for new drug applications from 2019 to 2020.

Main business income is 0

There are three key links in the development of monoclonal antibody from research and development to pre-clinical research, clinical research and approval. During this period, repeated experiments are more time-consuming and costly. It is not only time and technology, but also continuous testing. The financial support capacity of the investment.

For example, Livzon Medicine (01513.HK)'s recombinant humanized anti-human tumor necrosis factor alpha monoclonal antibody for injection of Livumab is approved to carry out a phase 1 clinical trial, and has accumulated a total investment of 108 million yuan. From December 2014 to March 2016, two Phase 1 joint venture studies were completed.

At Maibo Pharmaceuticals, this situation also exists for the continued investment in research and development of new drugs.

Zebra Consumers found that from 2017 to 2018, the company's research and development expenses were 21.632 million yuan and 88.983 million yuan respectively, and it is expected that R&D expenditure will increase in the next 3-5 years.

Up to now, the company has a total loan of 105 million yuan and a lease liability of 46.415 million yuan.

The company has not been approved for commercial sales and has not received any revenue from product sales. From 2017 to 2018, the company's revenue from its main business is zero.

At this stage, the company's revenue comes from three areas: bank interest, financial assistance and subsidies, and preparation process service income.

From 2017 to 2018, the company's bank interest income was 108,000 yuan and 132,000 yuan respectively; financial assistance and subsidies were 4.057 million yuan and 9.694 million yuan respectively; the income distribution of preparation process services was 633,000 yuan and 14.233 million yuan. Most of them come from the income from the preparation process service of the related party Maitai Junao.

In 2017 and 2018, the company's loss before tax was RMB 48 million and RMB 153 million respectively.