48岁博士带队，湖南跑出一个创新药IPO

Core Viewpoint - Hunan Maijizhi Biotechnology Co., Ltd. is pursuing an IPO in Hong Kong, focusing on innovative biopharmaceuticals for unmet medical needs in allergic and autoimmune diseases [1][4] Company Overview - Founded in 2016 by Dr. Zhang Chenghai and his niece Li Min, Maijizhi has developed a strong pipeline of eight innovative candidates, including core products MG-K10, MG-014, and MG-013 [1][2] - Dr. Zhang has over 20 years of experience in biopharmaceutical research and management, with a solid academic background and a history of developing innovative bioproducts [1][2] Product Pipeline - The core product MG-K10 is a long-acting anti-IL-4Rα antibody currently in registration clinical trials for atopic dermatitis and asthma, showing promising safety and efficacy data [2][7] - Key products MG-014 and MG-013 are in clinical trials targeting asthma, chronic obstructive pulmonary disease, IgA nephropathy, and atypical hemolytic uremic syndrome [2][7] Financial Performance - The company has not yet achieved commercial sales, reporting revenues of RMB 8.72 million, RMB 24,000, and RMB 0 for the years 2023, 2024, and the first three months of 2025, respectively, with corresponding net losses of RMB 253 million, RMB 178 million, and RMB 27.3 million [4][5] - Despite the lack of commercial products, Maijizhi has been active in fundraising, completing multiple financing rounds since its inception, with the latest Pre-IPO round raising RMB 260 million and a post-money valuation of RMB 2.64 billion [5][6] Shareholding Structure - Prior to the IPO, Dr. Zhang holds approximately 42.65% of the company, with other significant shareholders including Kangzhe Pharmaceutical and Hunan Guochuang [6][7] Use of Proceeds - The funds raised from the IPO will be allocated to ongoing and planned clinical trials for MG-K10, MG-014, and MG-013, as well as for preclinical research and development of other assets [7]