After “breaking up” with Fosun Pharma, the real creature that became famous through Azfudin went to Hong Kong to raise funds

(Photo source: Visual China)

Recently, the official website of the Hong Kong Stock Exchange showed that Real Biotechnology Co., Ltd.(hereinafter referred to as“Real Biology) submitted the prospectus, and CICC served as the exclusive sponsor. This is the company’s successor2022first time inIPOThe second attempt after breaking the halberd.3months4On the 20th, Real Biotech issued an announcement, adding CMB International, Huatai Financial Holding, and Shenwan Hongyuan Hong Kong as overall coordinators. In addition to the original overall coordinator, CICC, a total of4overall coordinator.

The biotechnology company, which was once famous for the World War II of the COVID-19 oral drug Azfdin, is now mired in the whirlpool of declining performance and transformation pains.2022years8In September, Real Biotech submitted its statement to the Hong Kong Stock Exchange for the first time, but the problem of product uniformity has never been solved, facing only one remaining product.10With a three-month gambling agreement, Real Biology once again went to Hong Kong to raise funds.

Losing the support of major customer Fosun Pharma, its core products are out of business

The prospectus shows that real biology was founded in2012years9month,Innovative drugs focusing on treating viral infections, tumors and cardiovascular and cerebrovascular diseasesDevelopment, manufacturing and commercialization of materials.

The prospectus shows that Real Biology has more than ten pipeline products under development.Azifu must beitsThe only commercial product,2022years7months, this drugApproved for the treatment of common type in adultsCOVID-19, was the only domestically produced COVID-19 specific drug on the market at that time。Currently, the companyAll sources of revenueYu Azfdin, cumulative sales exceed1000Ten thousand bottles, covering the whole country31More than 10 provinces and cities5Wanjia medical terminals.

However, Real Biology is still in a state of loss, with a cumulative loss over the past two years exceeding8billion Yuan。According to the prospectus,2023Year,2024years, recorded by real biologyRevenue is3.44100 million yuan,2.38100 million yuan; losses during the year were7.84100 million yuan,4004Ten thousand yuan.

For performance losses,Real Biotech said that based on the situation of the new coronavirus, the company considered the expiration date and marketability of the products and made a significant inventory write-down on finished products, resulting in losses.

It is worth mentioning that all sales of Azfudine come from Fosun Pharma.

2022years7In March, when Azvudine was approved, Real Biotech and Fosun Pharma signed a strategic cooperation agreement, allowing Fosun Pharma to exclusively commercialize Azvudine’s new crown and crown in mainland China.HIVIndication market. The prospectus shows that2023In 2000, Real Biotech had only one customer in Fosun Pharmaceutical, with all income3.44Hundreds of millions of yuan came from Fosun Pharma,2024In 2001, Fosun Pharma’s sales2.36Billion yuan, still accounting for % of total sales99.2%。

However,2024years9In September, the two sides announced the termination of cooperation. Real Biotech stated that in view of the changing market conditions and taking into account the best interests of both parties, it would withdraw the full commercialization rights of Azfudine. According to the termination agreement, Real Biotech needs to pay Fosun6000Ten thousand yuan upfront expenses and future5Annual sales in relevant regions10%As compensation.

In the future, the income of real organisms will rely on independent sales. According to the prospectus, after terminating the agreement, Real Biotech chose to hire a dealer to sell Azfudine and built its own.33As of the Latest Practicable Date, the company has worked with53Each dealer entered into a distribution agreement. However, the initial results of independent sales were bleak,2024In 2010, the company sold approximately 100 million U.S. dollars to dealers under the new agreement.13700Bottle of Azfdin tablets and record income190Ten thousand yuan.

With demand in the COVID-19 market falling sharply, Real Life urgently needs to expand new indications and promote other pipelines to boost valuationsHowever, at present, the company’s remaining pipelines under development are still in the early stages,‌asCL-179Dositinib is undergoing clinical practiceIIn the interim trials, other products are still in the preclinical stage, and it is difficult to find new drugs on the market in the short term.

as of2024years12months31On the 20th, the cash and equivalents held by the company were only1.4Billion yuan,2023years and2024In 2001, the R & D expenses of real organisms were2.38100 million yuan,1.51billion yuan, the existing capital reserve is less than one year’s R & D expenses,

Under the high pressure of the gambling agreement, there is an urgent need to raise funds to make up for the current.

It is worth mentioning that Azfudin was not developed by real biology, but was invested by the company’s founder Wang Chaoyang in his early years.4000The patent purchased from Zhengzhou University for 10,000 yuan.

According to the Economic Observer, Wang Chaoyang, the founder of Real Life, is from Pingdingshan, Henan Province. He had earlier started businesses in mining, real estate and other fields. After winning the patent of Azfudine, Wang Chaoyang planned cross-border medicine but was not familiar with the pharmaceutical field. He invited pharmaceutical expert Du Jinfa to serve as chairman of the company. According to the prospectus,2024In 2001, Du Jinfa’s salary, bonuses, allowances and in-kind benefits totaled500Ten thousand yuan.

The prospectus shows that Wang Chaoyang, Sanlian Venture Capital andCreativeSummitA group of controlling shareholders that constitute real biology, founder Wang Chaoyang holds the company in total48.12%Chairman Du Jinfa holds the shares17.55%, is the second largest shareholder. At present, Wang Chaoyang does not serve as a director and supervisor in the company. Du Jinfa is mainly responsible for the overall management and research and development of the company.

Before submitting the statement, Real Biotech completed two rounds of financing, with the cumulative financing amount7.12100 million yuan, shareholders include Yifeng Capital, Pacific Century Capital, and Shanghai Disano Pharmaceutical. Among them,ARound of financing completed in2021years2Month, the financing amount is approximately1.5Billion yuan,2022completed inBFinancing round5.63Billion yuan,BAfter the completion of the round, the company’s post-investment valuation is close to35.6100 million yuan.

ButIn previous financing, Real Biotech signed a gambling agreement with the investor。According to the prospectus, the redemption right terminates when the prospectus is first filed, but if the company withdrawsIPO, or rejected by the Stock Exchange, or since the first submission41Month not completedIPO, trigger repurchase.

Real creatures2022years8First submission of the prospectus in September, as of2025years331Months, only less than10A month’s time.

as of2024years12months31On the 20th, the cash and equivalents held by the company were only1.4Billion yuan,Interest bearing loan exists1.34100 million yuan, with net liabilities of10.99Once a repurchase is triggered, it may be difficult for existing funds to repay the equity redemption funds, and there is an urgent need to raise funds to make up for the current.

This second presentation, real creaturessaid thatThe funds raised from the proposed listing will be mainly used for the research and development, commercialization and other pipeline promotion of new indications for azfudine‌; Build a R & D platform; use it for working capital and other general corporate purposes.