又一GLP-1黑马递表港股IPO

Core Viewpoint - Eccogene Inc. has submitted its prospectus to the Hong Kong Stock Exchange for a public listing, focusing on innovative oral small molecule drugs for metabolic diseases and inflammation [1][4]. Company Overview - Eccogene Inc. is a clinical-stage global biotechnology company established in 2018, specializing in the development of next-generation oral small molecule drugs targeting unmet medical needs in cardiovascular and metabolic diseases [4]. - The company utilizes its proprietary TRANDD platform to integrate target selection, scaffold design, biomarker screening, and data-driven clinical trials, aiming for a balanced approach in efficacy, safety, and tolerability [4]. Strategic Focus - The core strategy of Eccogene is centered around a "Weight Loss 2.0 Solution," targeting obesity, metabolic-associated fatty liver disease (MASH), osteoarthritis pain, and other cardiovascular metabolic diseases [4]. - The company aims to achieve significant weight loss effects while enhancing tolerability and minimizing lean body mass loss, providing customized treatment options for various patient groups [4]. Product Pipeline - Eccogene's lead candidate, ECC5004, is an oral small molecule GLP-1 receptor agonist, expected to be the second oral GLP-1RA approved globally, with potential for both monotherapy and combination therapy [4][6]. - The company is also developing ECC4703, a THR-β agonist targeting MASH, and ECC0509, an SSAO/VAP-1 inhibitor, both of which have the potential to be first-in-class drugs [6]. - Additional projects in preclinical stages include GIP receptor modulators and Amylin receptor agonists, aimed at creating a multi-targeted approach for metabolic disease treatments [6]. Financial Overview - Eccogene is currently in a research and development investment phase, with projected revenues of approximately $36 million in 2023, $221 million in 2024, and $5.6 million in the first half of 2025 [6][7]. - Research and development expenses are expected to be $22.47 million in 2023, $16.22 million in 2024, and $15.73 million in the first half of 2025, with net losses of $52.23 million in 2023 and $20.11 million in the first half of 2025 [6][7]. Shareholding Structure - The founder and controlling person, Dr. Jingye Zhou, holds approximately 38.76% of the voting rights through direct and indirect shareholding [8]. - Other major shareholders include Jianyi Capital, Mifang Capital, TF Capital, Sage Partners, and several others, indicating a diverse and international management team with extensive experience in pharmaceutical R&D and capital markets [8].