亦诺微医药冲刺港交所：或成「溶瘤病毒第一股」，IPO前估值4.85亿美元

Core Viewpoint - MVR-T3011 is a potential best-in-class oncolytic immunotherapy for bladder cancer, expected to change the global treatment landscape for this disease [2]. Company Overview - Immvira Bioscience is the only biotechnology company globally with mature CMC and production capabilities, focusing on discovering, developing, producing, and commercializing novel oncolytic immunotherapies and engineered exosome therapies [3]. - The company has submitted its IPO application to the Hong Kong Stock Exchange, with Citigroup and CICC as joint sponsors [3]. Product Details - MVR-T3011 is a novel oncolytic immunotherapy based on HSV-1, combining potent tumor lysis with the expression of anti-PD-(L)1 antibodies and IL-12, targeting a wide range of bladder cancers and other solid tumor types [4]. - The replication capacity of MVR-T3011 has been enhanced by three logarithmic decades, supporting multiple administration routes, including intratumoral, intravesical, and intravenous delivery, significantly expanding its clinical applicability [4]. - In clinical studies, MVR-T3011 demonstrated excellent efficacy and safety, achieving 85.9%, 77.3%, 77.3%, and 66.3% Kaplan-Meier estimated recurrence-free survival rates at 3, 6, 9, and 12 months, respectively, outperforming Ferring's ADSTILADRIN®, the first and only FDA-approved intravesical gene therapy [4]. Collaboration and Financials - In 2020, Immvira entered into a licensing agreement with Shanghai Pharmaceuticals for MVR-T3011, granting exclusive clinical development and commercialization rights in Greater China [5]. - The company received an initial payment of 20 million yuan and a patent licensing fee of 30 million yuan, with potential milestone payments up to 1.1 billion yuan and a sales revenue share [5]. Innovation Platform - The OVPENS platform is the core engine for the company's innovative product development, integrating oncolytic immunotherapy and engineered exosome development, covering the entire process from target validation to IND application and GMP-compliant production [5]. - OVPENS accelerates vector construction, effective payload optimization, and preclinical evaluation, enabling rapid iteration and efficient advancement across therapies and disease scenarios [5]. Aesthetic Products - The company is developing aesthetic products such as MVR-EX103 for skin-related issues, MVR-EX104 to stimulate comprehensive hair growth, and MVR-EX105 to promote browning of white fat while stimulating muscle growth [7]. - These external exosome products will enter overseas retail markets upon obtaining INCI naming [7]. Valuation - The post-investment valuation of the company in the C+ round is reported to be 485 million USD [8].