中证报中证网讯(王珞)远大医药9月23日晚公告称，公司用于治疗肺动脉高压(PAH)的产品曲前列尼尔注 射液的新规格(20ml:50mg)，近日获得国家药监局颁发的药品注册证书，该产品20ml:20mg的规格已于 2023年3月获批上市，两种规格将有助于临床医生根据患者的情况提供更加精准的治疗方案。 曲前列尼尔是一种人工合成的前列环素类似物，可以促进血管舒张，同时抑制血小板聚集，进而治疗 PAH的症状。曲前列尼尔注射液已是临床上治疗PAH的一线用药以及靶向药物联合治疗方案中的基础用 药。 心脑血管急救板块是远大医药制药科技领域重点布局的方向之一，作为"国家基本用药生产基地""国家 战备储备急救用药生产企业""国家小品种药(短缺药)集中生产基地建设单位"，目前公司在心脑血管急救 板块拥有近30个品种，其中，14个品种纳入了国家急抢救药品目录，16个品种纳入了短缺药品目录，产 品管线数量位居行业前列。 目前，远大医药心脑血管急救板块在研产品超过20款，其中，罕见病方面，除了此次曲前列尼尔注射液 新规格获批上市外，用于治疗成人或儿童由N-乙酰谷氨酸合成酶(NAGS)缺乏症、异戊酸血症(IVA)、甲 基丙二酸血症(MM ...

Core Viewpoint - The introduction of a new specification for the first-line treatment of pulmonary arterial hypertension (PAH) in China will provide rare disease patients with more clinical medication options [1][2]. Group 1: Product Development and Market Potential - The new specification of 20ml:50mg for the drug Treprostinil injection has been approved by the National Medical Products Administration, complementing the existing 20ml:20mg specification approved in March 2023 [1][7]. - The global PAH market is projected to reach approximately $8.06 billion in 2024, with a compound annual growth rate (CAGR) of 5.3%, and the Asia-Pacific region expected to grow at a CAGR of 13.3% [5]. - Treprostinil, a synthetic prostacyclin analog, has shown significant efficacy and safety in clinical studies, with one-year and four-year survival rates of 88% and 70% respectively [5][6]. Group 2: Company Strategy and Collaborations - The company has entered into a strategic investment and product cooperation agreement with Shanghai Zhongqiang Pharmaceutical, acquiring exclusive commercialization rights for Treprostinil inhalation formulations and injection globally, excluding certain regions [7]. - The company is expanding its product matrix to address unmet clinical needs, focusing on both common and rare diseases, thereby enhancing its market position in the cardiovascular emergency sector [8][9]. Group 3: Clinical and Epidemiological Insights - PAH is characterized by high pulmonary vascular resistance and pressure, leading to severe symptoms and a poor prognosis, with a median survival of only 2.8 years in the absence of targeted therapies [2]. - The incidence of adult PAH is approximately 2.4 per million person-years, with a prevalence of about 15 per million, indicating a significant clinical need for effective treatments [2].

Group 1: Product Development and Regulatory Approvals - The company has received a drug registration certificate from the National Medical Products Administration of China for a new specification (20ml:50mg) of its product, Treprostinil injection, used for treating pulmonary arterial hypertension (PAH) [1] - The existing specification (20ml:20mg) was approved for market launch in March 2023, and both specifications are included in the medical insurance catalog, allowing for more precise treatment options for clinicians [1] - The company has reached an equity investment and product cooperation agreement with Shanghai Zhongqiang Pharmaceutical Co., Ltd., which includes acquiring approximately 14.42% equity and exclusive commercialization rights for Treprostinil inhalation formulation in Greater China [2] Group 2: Market Potential and Epidemiology - PAH is a rare cardiovascular disease with an incidence rate of approximately 2.4 per million person-years and a prevalence of about 15 per million, leading to high mortality and disability rates [3] - The global PAH market is projected to reach approximately $8.06 billion in 2024, with a compound annual growth rate (CAGR) of 5.3%, and the Asia-Pacific region expected to grow at a CAGR of 13.3% [3] Group 3: Clinical Efficacy and Treatment Landscape - Treprostinil is a synthetic prostacyclin analog that promotes vasodilation and inhibits platelet aggregation, with clinical studies showing significant long-term efficacy and safety [4] - The one-year and four-year survival rates for patients on Treprostinil monotherapy are 88% and 70%, respectively, indicating a substantial improvement in patient prognosis [4] - The approval of Treprostinil injection has altered the market landscape by reducing the monopoly of single products in the domestic market, potentially lowering the medical burden on PAH patients [4] Group 4: Commitment to Rare Diseases and Innovation - The company is focused on developing treatments for rare diseases, with over 20 products in the pipeline, including those for conditions like N-acetylglutamate synthase deficiency and hyperammonemia [5] - The company aims to address the clinical needs in the rare disease sector, responding to government and societal calls, and is committed to increasing the development of effective treatments for rare diseases [5] - The company emphasizes innovation and advanced technology in product development, aiming to create a global sales network and enhance its international presence [6][7]

智通财经APP讯，远大医药(00512)发布公告，本集团用于治疗肺动脉高压(pulmonary arterial hypertension，"PAH"，WHO 分类 1)的产品曲前列尼尔注射液的新规格(20ml : 50mg)，近日获得中国国 家药品监督管理局(中国药监局)颁发药品注册证书，本产品 20ml:20mg 的规格已于2023年3月获批上 市。本产品为医保目录产品，两种规格将有助于临床医生根据患者的情况提供更加精准的治疗方案，这 是本集团在心脑血管急救领域罕见病方向的重大进展。 心脑血管急救板块是本集团制药科技领域重点布局的方向之一，作为"国家基本用药生产基地"、"国家 战备储备急救用药生产企业"、"国家小品种药(短缺药)集中生产基地建设单位"，本集团心脑血管急救板 块拥有近 30 个品种，其中 14 个品种纳入了国家急抢救药品目录，16 个品种纳入了短缺药品目录，产 品管线数量位居行业前列。目前心脑血管急救板块在研产品超过 20 款，其中罕见病方面，除了此次曲 前列尼尔注射液新规格获批上市外，用于治疗成人或儿童由 N-乙酰谷氨酸合成酶(NAGS)缺乏症、异戊 酸血症(IVA)、甲基丙二酸血症(MM ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Grand Pharmaceutical Group Limited 遠大醫藥集團有限公司* ( 於百慕達註冊成立之有限公司 ) (股份代號: 00512) 自願性公告 曲前列尼爾注射液（20ml : 50mg）獲頒發藥品註冊證書 本公告乃遠大醫藥集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）之 董事會（「董事會」）自願刊發。 董事會欣然公告，本集團用於治療肺動脈高壓（pulmonary arterial hypertension， 「PAH」，WHO 分類 1）的產品曲前列尼爾注射液的新規格（20ml : 50mg），近日獲 得中華人民共和國國家藥品監督管理局（中國藥監局）頒發藥品註冊證書，本產品 20ml:20mg 的規格已於二零二三年三月獲批上市。本產品爲醫保目錄產品，兩種規格 將有助於臨床醫生根據患者的情況提供更加精准的治療方案，這是本集團在心腦血管 急救領域罕見病方向的重大進展。 本集 ...

Financial Data and Key Metrics Changes - The company is preparing to file its New Drug Application (NDA) for bitopertin in October, with a potential PDUFA date between June and October of the following year, marking a significant milestone for the company [4][5] - The company reported a strong reduction in protoporphyrin-9 (PP9) levels with a P-value of less than 0.001, indicating clinically meaningful results from its phase 2 studies [9][10] Business Line Data and Key Metrics Changes - The lead program, bitopertin, is focused on treating erythropoietic protoporphyria, with the company ramping up efforts for its launch [4][5] - The second program is expected to present data on anemia of myelofibrosis and anemia of chronic kidney disease at upcoming conferences [5][6] Market Data and Key Metrics Changes - The company identified approximately 14,000 diagnosed patients in the U.S. for its lead indication, with enrollment in trials not being a problem due to strong patient advocacy [19][24] - The company plans to target the European and Japanese markets, with the genetic prevalence in Japan estimated to be four times higher than in the U.S. [39] Company Strategy and Development Direction - The company is focused on raising disease awareness and ensuring that patients and physicians are informed about available therapies, which is crucial given the historical lack of treatment options [23][24] - The company aims to build a self-sustaining entity driven by revenues from bitopertin to support its broader heme portfolio and explore larger indications [62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory pathway for bitopertin, highlighting positive interactions with the FDA regarding the accelerated approval process [11][12] - The company is well-funded with $650 million on the balance sheet, providing a runway into 2028 to support ongoing trials and commercial preparations [62] Other Important Information - The company has orphan protection for bitopertin, which provides seven years of exclusivity in the U.S., along with method-of-use patents extending until 2042 [37] - The safety profile of bitopertin shows that dizziness occurs in over 50% of patients initially but resolves over time, indicating a manageable side effect [35] Q&A Session Summary Question: Can you recap the interactions with the FDA regarding the accelerated approval path for bitopertin? - The company had a series of meetings with the FDA, which were responsive to the rationale for using PP9 as a surrogate endpoint, leading to the decision to submit an NDA this fall [11][12] Question: What are the key differences between the Apollo and Aurora trials? - Apollo will focus on measuring the time patients can spend in light as a co-primary endpoint, while Aurora primarily assessed the reduction in PP9 levels [18][20] Question: How does the company plan to address the patient population for bitopertin? - The company segments the patient population based on engagement with healthcare providers, identifying about 6,000 engaged patients who regularly seek care [27][28] Question: What is the expected market opportunity for the anemia treatment in myelofibrosis? - The company estimates a market of about 22,000 patients for anemia in myelofibrosis, with potential pricing similar to other anemia treatments in related indications [45] Question: How does the company view its capital position and runway? - The company is well-funded and expects its current capital to support its operations and trials through 2028, aiming to become self-sustaining through revenues from bitopertin [62]

Mirum Pharmaceuticals (MIRM) 2025 Conference Summary Company Overview - **Company**: Mirum Pharmaceuticals - **Focus**: Rare disease therapeutics with three approved medicines - **Current Revenue Guidance**: $490 to $510 million, cash flow positive, financially independent [2][76] Key Products and Market Insights LIVMARLI - **Current Market Penetration**: Approximately 50% in the U.S. and mature European markets for Alagille syndrome [14] - **Patient Population**: Estimated 2,000 to 2,500 prevalent cases in the U.S., with 75% experiencing pruritus [18] - **Incidence Rate**: About 1 in 50,000 births [19] - **Newborn Screening**: Not necessary as most patients present with neonatal jaundice [16] SATEXLY - **Patient Identification Strategy**: Focused on identifying patients with CTX through a dedicated sales team and screening efforts [4] - **Diagnosis Rate**: Literature suggests only about 10% of patients are diagnosed [4] - **Newborn Screening Efforts**: Ongoing pilot projects to include CTX in newborn screening, with promising results from New York [9][10] PFIC (Progressive Familial Intrahepatic Cholestasis) - **Target Demographic**: Older children, adolescents, and adults [27] - **Patient Identification**: Focus on gastroenterologists and hepatologists to identify patients with idiopathic cholestasis [30] Financial Performance and Projections - **Revenue Recognition Model**: Revenue recognized upon family signing for LIVMARLI, reflecting demand sales [17] - **Takeda Partnership**: Significant revenue generation from Japan, with a scaling down of royalties expected over time [35][36] - **Future Profitability**: Potential for Mirum to become a very profitable company in the coming years, assuming successful product launches [76] Research and Development - **Pipeline**: Four clinical trials from three different product candidates, with three believed to be registration trials [2] - **Expanded Basket Study**: Aimed at treating patients with cholestatic pruritus beyond Alagille and PFIC, with an estimated 500 or more patients targeted [49][61] Strategic Planning and Risk Management - **Long-term Strategy**: Discussions on cash flow deployment and potential acquisitions are anticipated as profitability increases [78] - **Risk Appetite**: Expected to evolve with increased profitability, with a focus on validated mechanisms and lower biology risk [80][82] Core Competencies - **Strengths**: Late-stage clinical development, regulatory expertise, and strong commercial capabilities in rare diseases [85][88] Additional Insights - **Market Dynamics**: The company is optimistic about the potential for growth in the rare disease market, particularly with ongoing education and awareness efforts among healthcare providers [70][71] - **Patient Engagement**: Emphasis on building relationships with physicians and patient advocates to enhance product visibility and adoption [85][88]

Core Viewpoint - The article highlights the remarkable stock performance of Beihai Kangcheng, a small-cap biotech company, which has seen its share price increase by over 1700% this year, driven by the approval of its first self-developed rare disease drug and strategic investments [3][4]. Company Overview - Beihai Kangcheng's stock price has dramatically rebounded from a low of 0.315 HKD per share, with the highest price reaching 2.5 HKD per share after the approval of its innovative drug, Goryning (注射用维拉苷酶β) [4][5]. - The company was listed on the Hong Kong Stock Exchange on December 10, 2021, but faced significant challenges initially, including a nearly 27% drop on its first trading day [4][6]. Product Development - Goryning is the first self-developed class 1 innovative drug for rare diseases in China and has successfully passed the preliminary review for inclusion in the commercial insurance innovative drug directory [4][5]. - The drug's development timeline was notably short, taking only 6.5 years from project initiation to market approval, breaking the traditional "30 principle" of drug development [9][12]. Market Dynamics - The article discusses the changing landscape for rare disease drugs in China, with increasing recognition of the innovation capabilities of domestic biotech companies and supportive government policies [4][6]. - The company aims to significantly reduce the annual treatment cost for Goryning by at least 50%, making it more accessible to patients [11][12]. Challenges and Opportunities - Despite the recent success, the potential of rare disease drugs remains underestimated in the domestic market, with Beihai Kangcheng's market capitalization hovering around 1 billion HKD, despite having three approved products [13][14]. - The company is exploring international business development opportunities and aims to engage with multinational pharmaceutical companies to expand its market reach [14].

Summary of Beihai Kangcheng Conference Call Company Overview - **Company**: Beihai Kangcheng - **Focus**: Rare disease sector, with five products launched including Haier Si, Mai Rui Bei, and Wei La Gan En Zhi Bei Ta, covering mainland China, Taiwan, and Hong Kong-Macau regions [2][5][10] Strategic Partnerships - **Collaboration with Baiyang Pharmaceutical**: - Baiyang's exclusive CFO has joined and acquired nearly 15% equity, indicating a new development phase for the company [2][4] - This partnership is expected to influence future adjustments in medical insurance and commercial insurance directories [2][4][7] Product Development and Market Position - **Haier Si**: - The only enzyme replacement therapy globally for Mucopolysaccharidosis Type II, included in the initial selection list for innovative drug insurance payment [2][10] - Significant market potential with a high incidence rate in East Asian populations [10] - **Ge Rui Ning**: - First domestically developed enzyme replacement therapy for Gaucher disease types I and III, aiming to reduce annual treatment costs by at least 50% [2][12][13] - Plans for large-scale promotion starting in early 2026 and discussions for international market entry [2][17] - **CAN204**: - A gene therapy for Duchenne Muscular Dystrophy (DMD) that has passed animal testing and is in talks for international collaboration [2][21][22] Financial Goals and Projections - **Sales Targets**: - Aiming for sales of 200 million, 500 million, and even 1 billion RMB, with expectations of positive cash flow by 2026 [3][23][25] - **Commercialization Outlook**: - No specific sales forecasts for 2025 and 2026 yet, but significant growth is anticipated if innovative drug insurance payments are implemented [20] Market Trends and Global Strategy - **International Market Entry**: - The trend of Chinese innovative drugs entering global markets is irreversible, with a focus on rare diseases [6][9] - Plans to leverage partnerships for regulatory navigation and market entry [14][17] Research and Development - **R&D Focus**: - Continuous innovation in rare disease treatments, with a strategy to develop products with global market potential [9][21] - Emphasis on patient education, diagnostic technology, and updating treatment guidelines [18][19] Future Plans - **Ecosystem Development**: - Building a rare disease ecosystem in collaboration with CROs and CDMOs, and leveraging genetic testing technologies [24][26] - **Financial Management**: - Aiming for cash flow positivity by 2026, with a focus on balancing funding for new projects and operational sustainability [25][26] Conclusion - Beihai Kangcheng is positioned to capitalize on its strategic partnerships and innovative product pipeline in the rare disease sector, with ambitious sales targets and a clear path towards international market expansion and financial sustainability [2][3][6][17][25]

Core Insights - The National Healthcare Security Administration (NHSA) has released the initial review list for the "Commercial Insurance Innovative Drug Directory," marking a significant step in integrating commercial insurance with the national medical insurance system [2][3] - The list includes various high-value innovative drugs, such as CAR-T therapies and rare disease medications, which are expected to enhance market confidence and improve patient outcomes [2][6] Group 1: Commercial Insurance Directory - A total of 141 applications were received for the commercial insurance innovative drug directory, with 121 drug names passing the initial review [3] - The directory features expensive high-value innovative drugs, including CAR-T therapies, which have an average price in the million yuan range [3][4] - Some CAR-T products are being submitted for both basic medical insurance and commercial insurance, providing a second chance for reimbursement if they fail in the first round [4][5] Group 2: Rare Disease Medications - The commercial insurance directory includes 51 products for 52 rare diseases, potentially allowing patients to access previously unaffordable "orphan drugs" through commercial insurance [6] - The example of nusinersen for spinal muscular atrophy (SMA) illustrates the significant cost reduction from nearly 700,000 yuan to approximately 33,000 yuan after entering the insurance system [6] - The number of rare disease drugs in China is expected to increase, with 210 drug development pipelines projected for 2024, 38% of which are in Phase III clinical trials [6][7] Group 3: Market Dynamics and Future Outlook - The integration of commercial insurance with the national medical insurance system is seen as a flexible approach to facilitate access to high-value innovative drugs [7] - The expected results from national negotiations on drug pricing will be announced between October and November 2025, while the commercial insurance directory is set to be finalized by the end of September [7] - The evolving landscape indicates a narrowing gap between the availability and affordability of innovative treatments for patients [7]