Lei Jianping on February 24
Paige Biopharma (Suzhou) Co., Ltd. *** referred to as "Paige Bio") recently submitted a prospectus to be listed on the Hong Kong Stock Exchange.
Paige Biotech was preparing to be listed on the Science and Technology Innovation Board, planning to raise 253.8 billion yuan, but the IPO was terminated in April 2022, and this time it was transferred to the Hong Kong Stock Exchange.
In less than 2 years, the loss exceeded 500 million
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.
Paige Biosciences has developed a core product and five other product candidates to capture market opportunities in common chronic and metabolic diseases such as type 2 diabetes mellitus (T2DM), obesity, nonalcoholic steatohepatitis (NASH), opioid-induced constipation (OIC) and congenital hyperinsulinemia.
Paige Biotech's core product, PB-119, is a long-acting glucagon-like peptide 1 (GLP-1) receptor agonist that is mainly used in the first-line development of T2DM and obesity.
The New Drug Application (NDA) for PB-119 for **T2DM in China was accepted by the NMPA in September 2023, marking an important milestone in its upcoming commercialization.
Paige Biotech does not currently have any products approved for commercial sale and does not receive any revenue from the sale of the products.
According to the prospectus, Paige Bio's other net income in 2022 will be 23.55 million yuan, and the R&D expenditure will be 2800 million yuan, with a net loss of 30.6 billion yuan;
Paige Biotech's other net income in the first nine months of 2023 was 11.07 million yuan, compared with 15.36 million yuan in the same period last year; R&D expenditure was 19.3 billion yuan, compared with R&D expenditure of 2$1.5 billion; The net loss was 22.5 billion yuan, compared with a net loss of 23.6 billion yuan.
This means that Paige Biotech has lost more than 500 million yuan in less than 2 years.
As of September 30, 2023, Paige Biotech had cash and cash equivalents of $100 million, compared to $300 million in the same period last year.
The post-investment valuation is 4 billion, and the actual controller is an American citizen
Paige Biotech has received many financings since its establishment, among which, Paige Biotech completed the E round of financing of US$21 million in 2018, with a post-investment valuation of 4$3.2 billion at a cost per share of $1$18;
In September 2019, Paige Biotech completed an E1 round of financing of $5 million, with a post-investment valuation of 2$5.5 billion, cost per share of $1.5 billion$18; Onshore financing1300 million, post-investment valuation of 2.3 billion, cost per share of 8$27.
Paige Biotech completed Series F 7 in November 20208.3 billion yuan financing, post-investment valuation of 3.5 billion yuan, cost per share of 982 yuan; Completed June 2023 13.4 billion, with a post-investment valuation of 4 billion and a cost per share of 11 yuan.
The executive directors of Paige Biotech are Dr. Michael Min Xu and Ms. Wang Xiaojun; The non-executive directors are Dr. Xiangjun Zhou, Dr. Xu Yuhong, Ms. Zhai Ting and Li Hongkai; The independent non-executive Directors are Dr. Jiancun Zhang; The independent non-executive Directors are Dr. Chen Yangyang and Ms. Fan Xinpeng.
Michael Min Xu, an American national with permanent residency in China, was born in July 1964 and graduated from the Department of Physiology and Biophysics at Columbia University in New York with a Ph.D. degree. From September 1986 to May 1988, he served as an ophthalmologist in the Second Affiliated Hospital of Xiangya Medical College, engaged in clinical work; From May 1988 to September 1991, he served as a senior researcher at the Institute of Ophthalmology, Columbia University, New York, USA, engaged in ophthalmology research.
From May 1995 to April 1997, Michael Xu was a postdoctoral fellow at the Molecular Recognition Center of Columbia University in New York, USA, engaged in protein structure research, and published a total of 7 articles including science during his doctoral and postdoctoral periods.
From July 1997 to December 2001, Michael Xu worked for Singapore Huiya Group as the chief representative of the Shanghai Representative Office. Since December 2001, he has served as the executive director and chairman of Pan-Asia. Since December 2008, he has served as chairman and general manager.
Legend Holdings, Yunfeng**, and Yuansheng Venture Capital are shareholders
Before the IPO, Dr. Michael Min Xu held 1584%, Shanghai Sujie holds 796%, and Dr. Xu Yuhong holds 186%, Dr. Xiangjun Zhou holds 171%；
Mingly holds a stake of 95%, and Legend Holdings' truewing holds 422%, and Miaoyu holds 397%, Kaifeng Venture Capital holds 349%, Tasly (Hong Kong) holds 347%, Yunfeng New Venture's Shanghai Yaocui holds 333%, Zhongxin Huiyuan holds 319%, and SIP BioVC, a subsidiary of Yuansheng Venture Capital, holds 309%, Share Link holds 266%；
Hangzhou Tiger holds 263%, Pingtan Yingke holds 231%, Qianhai ** holds 226%, Liu Rongxi's Chelmsford holds 195%, Ms. Bai Lin holds 186%, Huzhou Qiyuan holds 149%, Suzhou Industrial Park Industrial Investment** holds 139%；
Suzhou Yipu holds 132%, Pingtan Puxin holds 122%, Hong Kong Tigermed Technology and Beijing Agile hold 116%；
Zibo Yingke holds 111%, AsiaPrivate holds 103%, Zhongyuan Qianhai holds 097%, Suzhou Industrial Park Phase II Venture Capital and Shihezi Xinyue under Yuansheng Venture Capital hold 087%, Yuansheng holds 085%；
Zhongxin Industrial Investment, ABC No. 2 and Wuxi Guolian hold 083%, the third phase of Suzhou Industrial Park Venture Capital under Yuansheng Venture Capital holds 072%, Kaifeng Paige holds 065%, Wuhan Taiming, Suzhou Ruihua, Jianyin Kechuang, Huaxin Investment, and Beijing Lehe hold 056%；
Hangzhou Taiyu, Wuyun and Chen Jian respectively hold 05%, Xi'an Jingsong, Zhongxin Hengxiang, Suzhou Yuankang respectively hold 042%, Pingtan Yuanbo and Suzhou Lanhu respectively hold 028%。
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