Zheng Quan Shi Bao Wang·2025-11-25 01:35Core Viewpoint - Kewang Pharmaceutical has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor. The company is a clinical-stage biopharmaceutical firm focused on developing next-generation cancer therapies through an in-depth understanding of the tumor microenvironment [1]. Company Overview - Kewang Pharmaceutical is dedicated to creating innovative cancer treatments, with its core product ES102 being an advanced hexavalent OX40 agonist that co-stimulates and activates T cells while reversing Treg cell-induced immunosuppression [1]. - ES102 is one of only two OX40 agonist candidates globally that are in Phase 2 or higher clinical development, with no approved OX40 agonists currently available [1]. Clinical Development - The product is specifically designed for cancer patients who have poor responses to immune checkpoint inhibitors (ICIs) and has demonstrated controllable safety and anti-tumor activity in clinical trials, including those in combination with PD-1 antibodies [1]. - Kewang has completed two Phase 1 clinical trials for ES102 targeting advanced solid tumors in China and plans to initiate a Phase 2 clinical trial in April 2025 for ES102 in combination with Toripalimab for patients with advanced non-small cell lung cancer (NSCLC) [1]. Innovation Pipeline - The company possesses a differentiated innovation pipeline, with five major assets in addition to ES102, including ES014, ES104, and ES009, which are in clinical stages [1]. - Kewang has established a comprehensive drug development engine that spans drug discovery to clinical development, utilizing proprietary antibody discovery platforms such as BiME®, Acebody, and ElpiSource [1].