On December 9, 2021 CANbridge Pharmaceuticals, Inc. ("Canbridge" or the "company," stock code 1228.HK), a leading China-based global rare disease-focused biopharmaceutical company committed to the research, development, and commercialization of transformative therapies, reported that it was officially listed on the Main Board of the Stock Exchange of Hong Kong Limited (SEHK) (Press release, CANbridge Life Sciences, DEC 9, 2021, View Source [SID1234596752]).
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CANbridge issued 56,251,000 shares globally at a final offer price of HK$12.18 per share, raising approximately HK$604 million in net proceeds (excluding the 8,437,000 share over-allotment option, which is subject to exercise). Morgan Stanley Asia Limited and Jefferies Hong Kong Limited are the Joint Sponsors of the offering.
A total of seven well known cornerstone investors participated in the IPO, including: RA Capital, Hudson Bay Master Fund Ltd, Janus Investors, General Atlantic, WuXi Biologics, Ruihua Capital and Belinda A. Termeer.
CANbridge is a China-based, rare disease-focused biopharmaceutical company, founded in 2012, that is committed to the research, development, and commercialization of biotech therapies.
CANbridge has developed a comprehensive pipeline of 13 drug assets with significant market potential, including three marketed products; four drug candidates at clinical stage; one at IND-enabling stage; two at preclinical stage and another three gene therapy programs at lead identification stage. The company’s products and product candidates target some of the most prevalent rare diseases, as well as rare oncology indications, including but not limited to, glioblastoma multiforme (GBM) and mucopolysaccharidosis type II (MPS II or Hunter syndrome).
CAN008, the Company’s Core Product, is a glycosylated CD95-Fc fusion protein that is being developed for the treatment of GBM. The Company received the approval for a first-line Phase 2 trial in China in patients with GBM in April 2021 and dosed the first patient in China in October 2021. The Company expects to commercialize CAN008 in China as a combination therapy with the standard of care for GBM (radiotherapy plus chemotherapy). CAN106 is a humanized monoclonal antibody targeting complement C5 that is being developed for the treatment of complement-mediated diseases, including paroxysmal nocturnal hemoglobinuria (PNH). The Company obtained IND approval for CAN106 from China’s National Medical Products Association (NMPA) for PNH in July 2021. In addition, CANbridge is also developing the next generation of gene therapy through internal research and collaboration with leading international biotech companies and academic institutions.
"Listing on the Hong Kong stock exchange is a major accomplishment for CANbridge, which we believe will propel our ongoing development of innovative treatments for the global rare disease market as we advance our pipeline and build our world-class gene therapy research facility," said James Xue, Ph.D., Founder, Chairman and CEO, CANbridge Pharmaceuticals Inc. "We are grateful to our long-term investors and sponsors as we continue to drive forward in our mission to bring novel medical treatments to underserved patient populations."