新济医药拟赴港IPO，加快推进创新制剂临床研究

Core Insights - Guangzhou New Ji Pharmaceutical Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds primarily for clinical research, capacity expansion, and commercialization of existing pipeline products [1] - The company has not achieved profitability in recent years and plans to accelerate global clinical development and regulatory approval of its core products [1][3] Group 1: Company Overview - New Ji Pharmaceutical, established in 2007, is an innovation-driven pharmaceutical technology company focused on the development and commercialization of high-end formulation new drugs [2] - The company has developed two core products and three other pipeline products, leveraging its soluble microneedle formulation technology platform and nasal inhalation formulation technology platform [2] Group 2: Product Development - The first core product, dexmedetomidine microneedle patch, targets preoperative sedation for pediatric and adult patients, enhancing patient comfort and clinical efficiency [2] - As of March 2025, the Phase I clinical trial for the dexmedetomidine microneedle patch has been completed, with the pediatric indication study entering Phase IIa clinical trials in China [2] Group 3: Financial Performance - New Ji Pharmaceutical has generated revenue primarily through contract research organization (CRO) services and drug marketing authorization holder (MAH) business, with no self-developed products on the market [4] - The company reported revenues of 54.088 million, 49.026 million, and 28.139 million yuan for 2023, 2024, and the first half of 2025, respectively, with net losses of 63.664 million, 147 million, and 20.812 million yuan for the same periods [4] Group 4: Future Outlook - The company plans to accelerate global clinical trials and regulatory approvals for its core products while continuing to innovate and expand its product pipeline [3][5] - New Ji Pharmaceutical anticipates ongoing significant expenditures and losses as it expands its pipeline and establishes a sales team for future product launches [5]