Chinese biotech company Kintor Pharmaceutical Ltd. ("Kintor", stock code: 09939.HK) has launched an initial public offering (IPO) in Hong Kong and raised as much as HK$1.86 billion (US$240 million). The company has issued 92.35 million shares at an offering price of HK$20.15 apiece. According to Kintor's declaration, the public offering was oversubscribed by more than 550 times, with frozen capital of more than 100 billion yuan.
Founded in March 2009, Kintor was listed on the Chinese New Third Board in September 2016. The company has a diverse product pipeline with androgen receptors (AR) related diseases at the core. Its products cover multiple global high incidence cancers and other disease areas that have huge unmet medical needs, including prostate cancer, breast cancer, liver cancer and hair loss, etc. Kintor is committed to developing a full R&D and commercialization platform for "best-in-class" and "first-in-class" novel drugs.
Kintor has developed a visionary product pipeline including small molecule innovative drugs, biologics and combination therapies. The diversified product pipeline includes 5 products that are undergoing clinical research, including androgen receptor antagonists, ALK-1 monoclonal antibody, mTOR inhibitors, and Hedgehog/SMO inhibitors. The company also has diverse ongoing preclinical programs, such as AR - Degrader, c-Myc inhibitors and IDO inhibitors, etc.
Kintor's main product, Proxalutamide, is undergoing clinical trials both in China and the United States. There are two phase III clinical trials ongoing in China for second-line therapy and first-line therapy of mCRPC patients and one phase II clinical trial in the United States also for mCRPC patients. The company is expected to file an application this year for the marketing of Proxalutamide as a single-drug therapy for mCRPC.
Although no revenue has yet been generated from the development of drugs, Kintor is fully recognized by the capital market due to its strengths in AR research and its strong pipelines.
Kintor said it plans to use 42% of the IPO proceeds for clinical trials of Proxalutamide, 28% to develop and commercialize a hair-loss drug, 20% for other clinical studies, and 10% for general operations.