“PDGF药物研发商”华芢生物-B启动招股，拟12月22日上市，一手认购金额10302.88港元

Core Viewpoint - Hua Chan Bio-B plans to conduct a global offering of approximately 17.6488 million shares from December 12 to December 17, with an expected listing date of December 22 [1] Company Overview - Hua Chan Bio, established in 2012, is a biopharmaceutical company based in China focused on developing therapies, particularly protein drugs for indications with medical needs and market opportunities [2] - The company specializes in discovering, developing, and commercializing wound healing therapies, with a primary focus on PDGF drugs [2] - As of the last feasible date, the company has a pipeline of ten candidate products, seven of which are PDGF candidates, including two core products: Pro-101-1 for burn treatment and Pro-101-2 for diabetic foot treatment, both being rhPDGF-BB drugs [2] - The company holds proprietary intellectual property rights for all clinical stage and preclinical candidate products, with 25 approved patents and 29 pending patent applications, including two U.S. patent applications [2] - According to a Frost & Sullivan report, Hua Chan Bio is the most advanced biopharmaceutical company in China in terms of PDGF-related technology and patent quantity [2] Financial Overview - For the years 2023 and 2024, the company's revenues are projected to be RMB 472,000 and RMB 261,000, respectively, with no revenue expected for the nine months ending September 30, 2024 [3][4] - The net losses for 2023 and 2024 are projected to be RMB 1.052 billion and RMB 2.123 billion, respectively, with losses of RMB 1.641 billion and RMB 1.345 billion for the nine months ending September 30, 2024, and 2025 [3][4] - Research and development expenses for 2023 and 2024 are projected to be RMB 399 million and RMB 913 million, respectively, accounting for 48.7% and 43.9% of total expenditures during the same periods [3][4] Fundraising Purpose - The net proceeds from the global offering are expected to be approximately HKD 709 million, assuming the over-allotment option is not exercised, calculated at a median offer price of HKD 44.60 [5] - Approximately 61.8% of the funds will be used to support the ongoing clinical development and commercialization of core products Pro-101-1 and Pro-101-2, which is the main reason for the listing [5] - About 18.8% will be allocated to enhance the company's R&D capabilities through the purchase of specialized equipment and instruments related to R&D and quality control activities [5] - Approximately 6.3% will be used for third-party service fees, personnel costs, and raw material costs for preclinical R&D of PDGF products for other indications [5] - About 3.1% will be allocated for third-party service fees, personnel costs, and raw material costs for preclinical R&D activities of Mes-201, Oli-101, and Oli-201 [5] - Approximately 10% will be used for working capital and general corporate purposes [5]