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Recently, Paige Biopharma (Suzhou) Co., Ltd. (hereinafter referred to as Paige Bio) submitted an IPO application to the Hong Kong Stock Exchange. Founded in 2008, Paige Biotech is a biotechnology company focused on independent research and development of chronic disease innovations**, with a focus on metabolic disorders.
IC network.
Looking back at the road to the market of Paige Biotech, it can be described as a bumpy and bumpy road.
In August 2021, Paige Biotech submitted an application for listing on the Science and Technology Innovation Board to the Shanghai Stock Exchange, which was recommended by Guotai Jun Security and went through two rounds of inquiries. In April 2022, the company said it voluntarily withdrew its A-share listing application "based on our latest corporate strategy focused on product research and development". In December 2022, the company once again submitted the listing guidance filing to the Jiangsu Regulatory Bureau, the first of its kind in China, and the sponsor was replaced by CICC.
"In order to further expand our global business, and considering that the Stock Exchange will provide us with an international platform to obtain foreign investment and attract diversified overseas, the company voluntarily decided to seek (listing) in Hong Kong in the second half of 2023.
It is worth noting that Paige Biotech is still in the stage of new drug research and development, and does not have any commercial products. In 2022 and the first three quarters of 2023, Paige Biotech's loss during the period was 30.6 billion and 22.5 billion yuan, and R&D expenditure in the same period was 2800 million yuan and 19.3 billion yuan, almost all of the losses came from R&D expenses.
For the year ended December 31, 2022 and the nine months ended September 30, 2023, Paige Biotech's net cash from operating activities was -1., respectively7.1 billion and -1$8.3 billion. Paige Biotech explained that the company's cash is mainly used for the preclinical and clinical research and development of drug candidates, and the negative cash flow from operating activities is mainly attributable to the cash used to pay for the company's research and development expenses and administrative expenses incurred during the track record period, when the company has not generated any revenue from the sale of drug candidates.
Prospectus.
Paige Biotech has not yet launched a drug and is still losing money, whether it can be successfully marketed and whether it can launch a commercial product that has successfully gained market share after marketing is a big problem that needs to be solved urgently. Tiantian Finance keeps an eye on this.