Core Viewpoint - Xiantong Pharmaceutical is applying for H-share listing in Hong Kong, aiming to capitalize on its leadership in the Chinese radiopharmaceutical market, focusing on the development and commercialization of radiopharmaceuticals [1] Group 1: Company Overview - Xiantong Pharmaceutical was listed on the New Third Board in 2016 and delisted in 2018 [1] - The company is a leader in the Chinese radiopharmaceutical market, focusing on the development and commercialization of radiopharmaceuticals [1] Group 2: Product Pipeline - The company’s pipeline targets three major disease areas: oncology, neurodegenerative diseases, and cardiovascular diseases, with 15 assets including four core products: XTR008, XTR006, XTR004, and XTR003 [2] - XTR008 is a targeted radioligand for treating neuroendocrine tumors, with a new drug application (NDA) submitted in April 2023, expected to receive approval by 2026 [2] - XTR005, a PET imaging agent targeting Aβ, was approved by the National Medical Products Administration (NMPA) in September 2023, becoming the first approved Aβ-targeting PET tracer in China [3] - The company has established partnerships with over 50 medical institutions in the Beijing-Tianjin-Hebei and Guangdong regions for the sale of XTR005 [3] - Adenosine injection, a non-pipeline product, has been approved for two indications related to myocardial perfusion imaging and CAD diagnosis [3] Group 3: Production Capabilities - Xiantong Pharmaceutical has established two production bases in Wuxi, Jiangsu Province, and Zhongshan, Guangdong Province, with a total building area exceeding 20,000 square meters and 12 commercial-scale production lines [4] - A new production base is under construction in Mianyang, Sichuan Province, expected to be operational by Q3 2025 [4] Group 4: Financial Performance - In 2023 and 2024, the company expects revenues of 10.23 million and 44.06 million respectively, with net losses of 309 million and 156 million [5] - R&D expenditures for 2023 and 2024 are projected to be 297 million and 228 million respectively, with core product R&D costs accounting for 51.4% and 42.3% of total R&D expenditures [5] Group 5: Industry Outlook - The radiopharmaceutical industry has significant growth potential driven by market demand, policy support, and technological advancements, particularly in oncology, neurology, and cardiology [7] - However, the industry faces challenges such as high R&D costs and long development cycles, which require substantial financial and technical resources [7]
先通医药递表港交所 聚焦放射性药物赛道
Zhong Guo Zheng Quan Bao·2025-05-28 15:16