HONG KONG, Aug 31, 2023 – (ACN Newswire) – Peijia Medical (HKG:9996), a leading Chinese domestic player in the high-growth transcatheter valve therapeutic and neurointerventional procedural medical device markets, today announced financial results for the six months ended June 30, 2023 ("the period").
Financial Highlights
During the period, the Company recorded an operating revenue of RMB224.9 million, representing an increase of 89.3% period-over-period. The increase in revenue was mainly attributable to:
(i) The accelerated commercialization of transcatheter aortic valve replacement ("TAVR") products (including the first-generation product TaurusOne and second-generation retrievable product TaurusElite) and expanded market share gains;
(ii) The increased sales volume of existing neurointerventional products (including Tethys Intermediate Catheter, SacSpeed Balloon Dilatation Catheter, Jasper Detachable Coil and Syphonet Stent Retriever, etc.); and
(iii) The initial commercialization of new ischemic products, including the Fastunnel Delivery Balloon Dilatation Catheter.
During the period, the Company recorded an adjustedgross profit of RMB178.8 million, representing an increase of 104.2% period-over-period. Adjusted gross profit margin improved to 79.5%, an increase of 5.8% period-over-period, driven by continued cost optimization and the launch of higher-margin ischemic products [1][2].
"In the first half of the year, the Company seized the opportunity to achieve significant growth through efficient product research and development and strong team execution," said Dr. Yi Zhang, Chairman and CEO of Peijia Medical. "We were pleased to see a significant increase in Peijia's TAVR market share and a steady growth in sales volume in the Neurointerventional Business."
Full Year 2023 Guidance:
The Company reiterates its full year 2023 estimates of reaching 22-25% share of the domestic Chinese TAVR market and of achieving at least 50% year-over-year revenue growth in the Neurointerventional Business.
Financial and Business Results by Segment:
Transcatheter Valve Therapeutic ("TVT") Business:
Rapid Increase in Market Share and Steady Clinical Progress
During the period, the TVT Business recorded revenue of RMB107.7 million, representing an increase of 106.8% period-over-period. Gross profit in the TVT segment was RMB93.8 million. Through effective cost optimization measures, TVT gross profit margin significantly increased to 87.1%, representing an increase of 8.9% period-over-period. TVT selling and distribution expenses and administrative expense ratios decreased by 11.4% and 35.5%, respectively, period-over-period.
Gains in China's TAVR market share were driven by the recovery of procedure volumes in the market, an increase in unit sales by the commercial team, and an increase in the terminal implant volume of the Company's TAVR products. During the period, Peijia's products were utilized in over 120 new hospitals, bringing total penetration to more than 410 hospitals, a figure comparable to peers. In the first half of the year, the terminal implant volume of the Company's TAVR products was approximately 1,250 units, with an estimated market share of over 20%. The increasing number of hospitals covered indicates strong performance of the Company's products and the effectiveness of the commercialization strategy. Peijia's professional marketing and sales team will continue to educate the market and provide compliant and high-quality services to physicians to further promote the utilization and application of the therapy and further improve the benefit to patients.
Within the product pipeline, Peijia successfully reached several milestone events for the TrilogyTM Heart Valve System, an aortic regurgitation ("AR") indication TAVR product by obtaining the exclusive license from JenaValve Technology Inc. in the United States. In May 2023, the Company completed the first commercial implantation of TrilogyTM in Hong Kong. Additionally, Peijia completed the technology transfer of the product to its local manufacturing site in Mainland China, allowing for in house production of TaurusTrioTM TAVR system. In July 2023, the Company officially launched the multi-center registration clinical trial of TaurusTrioTM in Mainland China; to date, no transfemoral AR indication TAVR product has been approved for marketing by the National Medical Products Administration of the PRC ("NMPA") in Mainland China.
Neurointerventional ("NI") Business:
Revenue exceeded expectations and segment loss narrowed significantly
During the period, the NI Business recorded revenue of RMB117.1 million, representing a better-than-expected period-over-period increase of 75.6%. Among these, hemorrhagic, ischemic, and vascular access products accounted for 27.3%, 39.1% and 33.1% (44.2%, 25.0% and 30.6% in 1H22) of the segment revenue, respectively. With the increasing sales of ischemic products, the segment's adjusted gross profit margin increased to 72.6%, a period-over-period increase of 2.4%[3]. Due to the significant increase in revenue and gross profit, and the Company's long-term efforts in cost reduction and efficiency improvement, segment losses significantly narrowed by 82.0% period-over-period. This was driven by growth in Peijia's distribution network, increased volume across China, and the development of an exceptional reputation among physicians. Additionally, multiple products within the detachable coils portfolio won bids, accelerating hospital admissions and bolstering the product group.
During the period, the registration application for the Company's next generation neurointerventional Micro Guidewire DCwireTM was approved by the NMPA. Using various materials through a precise multi-layer microstructure manufacturing process, the product allows for better control and easier selection of vessels, enabling physicians to quickly and conveniently establish vascular access. As of the date of publication, the Company's NI Business has sixteen approved products and eight products in research and development, covering the treatment of hemorrhagic stroke, acute ischemic stroke and intracranial atherosclerotic disease.
As of June 30, 2023, Peijia's distributor network covered approximately 2,100 hospitals in 31 provinces and municipalities in China.
About the Company
Peijia Medical (09996.HK) was established in 2012 and is headquartered in Suzhou, China. Peijia Medical focuses on the high-growth interventional procedural medical device market in China and aims to become a world-renowned medical device platform that provides comprehensive treatment solutions for structural heart and neurovascular diseases. The Company now has two generations of TAVR systems and fifteen neurointerventional devices commercialized in China and various innovative product candidates at different stage of development. For more information about Peijia visit peijiamedical.com/about.
Note:
[1] Adjusted gross profit margin and gross profit within this press release refer to the gross profit margin and gross profit calculated after adding back the Purchase Price Allocation ("PPA"), unless otherwise stated. PPA is a non-cash item, arising from the acquisition of Achieva Medical in 2019, which means the allocation of the cost of a business combination under non-same control among the identifiable assets, liabilities and contingent liabilities, unless otherwise stated.
[2] Without the adjustment, the Group recorded a gross profit of RMB173.0 million in the period, representing an increase of 107.9% period-over-period; gross profit margin was 76.9%, up by 6.9% period-over-period.
[3] Without the adjustment, NI Business recorded a gross profit of RMB79.2 million in the period, representing an increase of 86.4%; NI Business gross profit margin was 67.6%, up by 3.9% period-over-period.
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Tag: Healthcare & Pharm
Malaysian Genomics Unveils Strategic Advances in Biopharmaceuticals
PETALING JAYA, Malaysia, Aug 29, 2023 – (ACN Newswire) – Malaysian Genomics Resource Centre Berhad, a leading genomics and biopharmaceutical specialist, recorded a revenue of RM2.23 million for the 4th quarter ended 30 June 2023. This represents a decrease from RM6.33 million in the corresponding quarter of the preceding year, owing to a deliberate pivot from vaccines to cell and gene therapy products, focusing more on genetic screening initiatives.
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For the quarter under review, the Group recorded a loss before tax (LBT) of RM9.98 million compared with a profit before tax (PBT) of RM2.97 million in the same quarter of the preceding year. The change is largely attributed to the impairment of receivables amounting to RM7.54 million and the Group's expansion and product development efforts in the fast-moving consumer good (FMCG) market. The Group will continue to implement stringent credit control policy as they move forward with their initiatives, particularly with Rejuvium.
For the current year-to-date, MGRC reported a revenue of RM8.36 million, a decrease from RM28.36 million in the previous year. A LBT of RM13.59 million was registered, largely due to similar factors affecting the quarterly results.
While the financials mark a transitional phase for the Group, MGRC remains robust and adaptable, focusing on both the short-term improvements in revenue and long-term sustainability through product development and market expansion.
Azri Azerai, Executive Chairman of Malaysian Genomics, expressed optimism about MGRC's future, stating: "MGRC achieved higher revenue in the current quarter as compared to the preceding quarter's revenue of RM0.68 million, mainly generated from cell and gene therapy products. Our state-of-the-art BSL-2 cell processing lab, cGMP approved by MOH for production of cell and gene therapies, illustrates our technological advancement. Hence, we foresee that we will obtain higher revenue from cell and gene products in the next quarter."
"Furthermore, we continue to engage with private hospitals and the Ministry of Health in Malaysia to improve access to our cell and gene therapy products. Recent partnerships and our focus on novel ingredients and finished products will target a wide market of use such as for cosmeceuticals, wound healing, general wellness and genetic-based fitness improvement programs that reflect our innovative drive and commitment to enhancing healthcare solutions and more," continued Azri.
Malaysian Genomics Resource Centre Bhd: 0155 [BURSA: MGRC] [RIC: MGRC:KL] [BBG: MGRC:MK], http://www.mgrc.com.my/
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Net Profit of Kingworld Medicines Increased By 55.8%
HONG KONG, Aug 28, 2023 – (ACN Newswire) – Kingworld Medicines Group Limited ("Kingworld Medicines" or the "Group", stock code: 01110.HK), a leading healthcare distribution company, announced its unaudited interim results for the year ended 30 June 2023 (the "Reporting Period" or the "First Half of 2023") . During the Reporting Period, benefiting from the overall recovery of China's economy and consumption, the group's revenue reached approximately RMB 553 million, an increase of 31.8% compared to the same period last year. Gross profit increased by 15.7% to approximately RMB155 million. Profit for the period increased by 35.9% to approximately RMB48 million. Profit attributable to owners of the Company increased by 55.8% to approximately RMB38 million. Basic earnings per share was increased by 59.9% to RMB 6.38 cents.
Mr. Zhao Lisheng, Chairman of the Board of Kingworld Medicines Group, said: "In the First Half of 2023, with the market recovery and consumers returning to rational consumption, there has been a heightened emphasis on the physical and mental health of individuals. Consumers are seeking to establish connections with various health resources and are actively trying to improve their lifestyles and enhance their quality of life in pursuit of a more fulfilling existence, which has been driven the growth of the group's business."
Pharmaceutical sales continue to grow, and Nin Jiom Pei Pa Koa has shown outstanding performance.
In the First Half of 2023, the group seized the opportunity of the demand for cough and respiratory products from the post-"Yangkang" group (i.e the recovering Covid-19 patients). Through the company's SMART system and collaboration with partners, the products were quickly displayed and sold on the shelves of retail outlets. Precise marketing promotion further contributed to the significant revenue growth of Nin Jiom Pei Pa Koa during the Reporting Period. On the other hand, the group's Taiko Seriogan experienced slight growth due to its excellent quality, reputation, and effective treatment, but faced challenges due to global supply shortages.
Besides, During the Reporting Period, the Group obtained the cooperation authorisation for the promotion of Fortune Coltalin in Shanghai, Henan, Anhui, Shaanxi and Gansu for three years, opening a new chapter of cooperation between the two parties. The Group has obtained the authorisation of the renowned brand product, which demonstrates the Group's strength and control over consumption terminals. Coltalin and Nin Jiom Pei Pa Koa are well-known products come from Hong Kong and are applied to fever as medicine. Accordingly, they shared common features at the end-user market. After the Pandemic, people have relaxed their Pandemic prevention awareness gradually, and the recurrence of respiratory illnesses have increased when the Group introduced the product that combines with Nin Jiom Pei Pa Koa and comes as a cross-over with a famous brand in Hong Kong.
Meanwhile, the Group has established sound commercial cooperation and coverage, covering a total of approximately 150,000 chain pharmacies and individual pharmacies, approximately 20,000 primary medical institutions, more than 10,000 hospitals and clinics, as well as some convenience stores and supermarkets.
During the Reporting Period, the group actively explored prescription drugs and clinical sales models, promoting the sales of Enalapril and Jianfu capsules and making progress in this area. The active customer base for Enalapril reached 9,526, representing a year-on-year increase of 7.40%. In the clinical exploration of Jianfu capsules, the group collaborated with partners and doctors to provide clinical data and research papers, demonstrating the effectiveness of the product in treating infertility. This has led to an increased market interest in these products.
With the increasing demand for health supplements, "Culturelle" probiotics and "life's DHA continually remain a high demand in the market.
Benefited from the rebound of visitors to Hong Kong and the trend of consumers' increasing demand for brand quality and price-performance ratio, which led to the substantial increase of the healthcare daily chemical business year-on-year. During the Reporting Period, the group's "Culturelle" probiotics and life's DHA recorded an increase 68.1% and 42.2%, respectively.
With consumers who pay more attention to safety, quality and health, there is a promising prospect for DHA products. Our online DHA products have recorded an increase of 50% in sales, substantially outperforming that of other products. As a pioneer of DHA products, and a well -known leading player in terms of DHA and the related technologies, Life's DHA, which have strong brand influence and superior product quality, have been favoured by consumers. Life's DHA, which have strong brand influence and superior product quality, have been favoured by consumers. The sales of Life's DHA has been increasing since its distribution by our Group. During the Reporting Period, the products of the Life's DHA series has recorded a rapid increase in sales and was among the JD 618 selling list.
Medical devices continue to innovate, and the "6S Lean Production " management model is being further promoted and implemented.
The non-wholly owned subsidiary of the Group, Shenzhen Dong Di Xin Technology Company Limited, is a national high-tech enterprise and was awarded the Shenzhen's Professional, Refined, Specialised and New SME Award during the Reporting Period. Under the continuous influence of the international and domestic macro environment, the overall orders of Dong Di Xin decreased year-on-year. However, through active marketing and promotion, the market share of the major products increased significantly year-on-year with an increase in gross profit margin.
Dong Di Xin will continue to deepen and solidly promote the "6S management model of lean production" to ensure high-quality products. We continued to innovate the bidding and procurement methods of electronic components, which greatly reduced the cost of raw materials and ensured the Company's gross profit margin to achieve the target level.
During the Reporting Period, Dong Di Xin has accumulated the ownership of 3 valid invention patents, 25 valid utility model patents, 1 valid design patents and 13 software copyrights
The Kingworld Longde Life and Health Industrial Park aims to promote the integration and innovation of Traditional Chinese Medicine between Shenzhen and Hong Kong.
Over the years, the Group has been committed to promote the open up and integration of traditional Chinese medicine in Shenzhen and Hong Kong and the and innovation of international layout of traditional Chinese medicine. The Group undertaking the mission of building and innovating the ecological partners of traditional Chinese medicine, The Kingworld Longde Life and Health Industrial Park has been providing specialised biopharmaceutical hardware and equipment sharing platforms,
During the Reporting Period, the overall construction of the Longde Industrial Park was 85% completed. Merchant solicitation work is also in full swing. In the meantime, the Group and Shenzhen Angel Fund of Funds have jointly held the "20+8" industry matching conference, and established two-way relationships with dozens of industrial enterprises, investment institutions and ecological partners in the biopharmaceutical, medical device and healthcare sectors.
Mr. Zhao Lisheng, Chairman of Kingworld Medicines Group, concludes: "2023 is the second year for our strategies of the Fifth Five-Year Plan. Based on the good opening in the last year, the Group has achieved encouraging development during the Reporting Period. The Group has accomplished its plans for the First Half of the year, with results exceeding the targets. We recorded a -year-on-year increase of 32%. In the second half of 2023, the Group will be continued to accelerate the decision and implementation of the strategic plans in the strategies of the Fifth Five-Year Plan. The Group will make adjustments in light of actual market conditions, and make resources integration and allocation of manpower, properties and goods, in order to ensure first priority of investing and increasing strategic resources, The Group will adhere to the concept of "highlighting its principal activities and developing related businesses", so as to continuously enhance the quality of the operation of its pharmaceutical and healthcare businesses, strengthening its competitiveness in technologies and products as well as profitability of the Group, thereby developing the Group into a large group with core competitiveness."
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
HanchorBio and Henlius Announce Strategic Collaboration to Develop Innovative Immunotherapies
SHANGHAI, CHINA and TAIPEI, TAIWAN, Aug 28, 2023 – (ACN Newswire) – HanchorBio Inc., a global clinical-stage biotechnology company focusing on the discovery and development of innovative immuno-biomedicines, and Shanghai Henlius Biotech, Inc., a global biopharmaceutical company developing biologic medicines with a focus on oncology, autoimmune diseases, and ophthalmic diseases, today announced that the two companies have entered into a strategic framework agreement for collaboration to combine HanchorBio's protein engineering expertise and proprietary Fc-based designer biologics (FBDB(TM)) technology platform with Henlius' integrated product development and commercialization capabilities. The collaboration aims to expand the application of each company's platform by developing novel cancer immunotherapies, including those tumors resistant to anti-PD-1/L1 immunotherapies, to accelerate their respective pipeline of innovative immunotherapy medicines.
"FBDB(TM)-based innovative products may offer effective cancer immunotherapies to patients suffering from cancers which are resistant or refractory to PD-1/PD-L1 blockade therapies and having significant unmet medical needs on a global scale," said Scott Liu, Ph.D., Founder, Chairman, and Chief Executive Officer of HanchorBio. "This collaboration represents a foundational recognition and investment in our platform science and capabilities, which strengthens our pipeline and accelerates our research to providing novel therapies to patients globally. We are thrilled to collaborate with Shanghai Henlius to jointly address the inadequacies of the current anti-PD-1/L1 therapies and to navigate new frontiers in immuno-oncology through the design and development of novel multi-functional modalities that synergistically modulate and re-engage immune systems to fight cancers."
Mr. Jason Zhu, Chief Executive Officer, President, and Chief Financial Officer of Henlius, said, "Henlius is dedicated to providing affordable and innovative biologics for patients around the world. Today, we have achieved great success in marketing 5 products to the global market. Focusing on unmet clinical needs, Henlius actively collaborates with our global leading partners to pursue discovery and technology advance. HanchorBio was founded by Dr. Scott Liu, one of the co-founders of Henlius, and the Company possesses an experienced management team with a great mission and vision. Taking innovation as a driver, HanchorBio has quickly built its differentiated advantages and stands out in the field of onco-immunotherapy. This collaboration will allow Henlius to further accelerate our practice of affordable innovation and benefit more patients worldwide by fully leveraging HanchorBio's leading-edge technology and R&D platform."
About the Collaboration
With this collaboration, Henlius will consider early licensing and/or establish research collaboration of promising products from HanchorBio's pipeline that are complementary to Henlius' current portfolio (e.g., FBDB(TM) platform molecules, engineered immunocytokines etc.). This will be detailed in a separate agreement upon successful presentation of relevant efficacy/safety data. Under the terms of the agreement, Henlius will also have the opportunity to opt-in and co-develop the selected products with HanchorBio.
About Henlius
Henlius is a global biopharmaceutical company with the vision to offer high-quality, affordable, and innovative biologic medicines for patients worldwide with a focus on oncology, autoimmune diseases, and ophthalmic diseases. Since its inception in 2010, Henlius has built an integrated biopharmaceutical platform with core capabilities of high-efficiency and innovation embedded throughout the whole product life cycle including R&D, manufacturing, and commercialization. It has established global innovation centers and Shanghai-based manufacturing facilities in compliance with global Good Manufacturing Practice (GMP), including Xuhui Plant certificated by China and the EU GMP and Songjiang-I Plant certificated by China GMP. Apart from the launched biosimilar products HANLIKANG (rituximab), HANQUYOU (trastuzumab) for injection, trade name in Europe: Zercepac(R); trade names in Australia: Tuzucip(R) and Trastucip(R), HANDAYUAN (adalimumab) and HANBEITAI (bevacizumab), the innovative product HANSIZHUANG (anti-PD-1) has been approved by the NMPA for the treatment of MSI-H solid tumors, squamous non-small cell lung cancer (sqNSCLC), and extensive-stage small cell lung cancer (ES-SCLC), making it the world's first anti-PD-1 monoclonal antibody for the first-line treatment of SCLC. Its NDA for the treatment of esophageal squamous cell carcinoma (ESCC) is under review. What's more, Henlius has conducted over 30 clinical trials for 16 products, expanding its presence in major and emerging markets.
About HanchorBio
Based in Taipei, Shanghai, and San Francisco Bay Area, HanchorBio is a global clinical-stage biotechnology company focusing on immuno-oncology. The Company is led by an experienced team of pharmaceutical industry veterans with proven track-record of success in biologics discovery and global development to transcend current cancer therapies. Committed to reactivating the immune system to fight against diseases, the proprietary Fc-based designer biologics (FBDB(TM)) platform enables unique biologics with diverse multi-targeting modalities to unleash both innate and adaptive immunity to overcome the current inadequacies of anti-PD1/L1 immunotherapies. The FBDB(TM) platform has successfully delivered proof-of-concept data in several in vivo tumor animal models. By making breakthroughs in multi-functional innovative molecular configurations in R&D and improving the manufacturing process in CMC, HanchorBio develops transformative medicines to address unmet medical needs.
For more information, please visit: www.HanchorBio.com or follow us on LinkedIn at www.linkedin.com/company/hanchorbio-inc
Contact Information
Scott Liu
Founder, Chairman and CEO
scott_liu@hanchorbio.com
Yi Du
Sr. Director of Business Development
yi_du@hanchorbio.com
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Sino Biopharmaceutical (1177.HK) Announces 2023 Interim Results
HONG KONG, Aug 25, 2023 – (ACN Newswire) – Sino Biopharmaceutical Limited ("Sino Biopharmaceutical" or the "Company", together with its subsidiaries, the "Group") (HKEX:1177), a leading innovation-driven pharmaceutical conglomerate in the PRC, has announced its unaudited interim results for the six months ended 30 June 2023 (the "Period").
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Development Highlights
— In the second quarter, the Group capitalized on the post-COVID recovery, vigorously developed its four therapeutic areas, namely oncology, liver disease, respiratory system and surgery/analgesia, and accelerated the launch of innovative products. During the period, the revenue of the Group in Q2 was up 30.0% and the adjusted non-HKFRS profit attributable to the owners of the parent saw an increase of approximately 20.7% over the same period last year.
— The Group launched a number of new products and achieved considerable sales growth from products in the fields of liver disease and respiratory system. In the first half of 2023, two innovative products were launched to market and two biosimilar drugs received marketing approval. Revenue from liver disease drugs increased by approximately 14.0% and revenue from respiratory system drugs increased by approximately 11.2% compared to the same period last year
— As of 30 June 2023, the Group had a total of 46 innovative drug candidates in the field of oncology, 8 innovative drug candidates related to the respiratory system, 7 innovative drug candidates related to liver disease, and 4 innovative drug candidates in the field of surgery/analgesia in the process of clinical trial application or above. Of these, 3 innovative oncology drug candidates and 1 innovative respiratory system drug candidate are in the marketing application stage, and 4 innovative oncology drug candidates, 1 innovative liver disease drug candidate, and 2 innovative surgery/analgesia drug candidates are in Phase III clinical trials. In addition, the Group had a total of 14 biosimilar or generic drug oncology candidates, 3 additional biosimilar or generic liver disease drug candidates, 13 biosimilar or generic respiratory system drug candidates, and 13 biosimilar or generic surgical/analgesic drug candidates in the clinical trial application or above.
— A marketing application has been submitted to the Center for Drug Evaluation ("CDE") of NMPA for Focus V (Anlotinib hydrochloride capsules) in combination with TQB2450 (Anti PD-L1) for treating first-line small cell lung cancer in January 2023. In addition, 12 new indications for Anlotinib have entered Phase III clinical trials with marketing applications expected to be submitted within the next one to two years.
— Annike (Penpulimab monoclonal antibody) injection was approved in January 2023 for treating, in combination with chemotherapy, first-line locally advanced or metastatic squamous non-small cell lung cancer. In addition, it has another indication (third-line nasopharyngeal carcinoma) going through marketing review.
— Yilishu (Efbemalenograstim alpha) injection was approved in May 2023 for the prevention and treatment of neutropenia in cancer patients taking chemotherapy drugs. The efficacy and safety of Yilishu, as well as its innovative mechanism, were verified in three pivotal, multi-center, randomized and controlled Phase III studies conducted worldwide, which compared the efficacy and safety of Yilishu with those of drugs commonly used in clinical practice.
— Kailitong (Limaprost) tablets was approved for marketing in February 2023. It is the first drug in China to address the pathological mechanism of lumbar spinal stenosis and has the dual effect of improving neurological microcirculation and neurological functions. And it is the only small-molecule drug specifying in its package insert that it is for the treatment indication of lumbar spinal stenosis. With the launch of Kailitong, a brand-new solution is available to more than 30 million lumbar spinal stenosis patients in China, helping address a huge yet unmet clinical need.
— The clinical trial application of Lanifibranor was submitted to and accepted by CDE in March 2023. In July, Lanifibranor was included on the "Breakthrough Therapy Designation" list by CDE. The product is currently undergoing Phase III clinical trials globally, and is the first oral drug for NASH to enter Phase III clinical trials in China. It is expected to address unmet needs in the China NASH market.
— TDI01(a highly selective inhibitor of ROCK2) is currently in a Phase II clinical development trial. In April 2023, a Phase II clinical trial of TDI01 for the treatment of idiopathic pulmonary fibrosis was initiated in China. Seeing the potential of TDI01 to become a major drug, the Group will vigorously pursue its clinical development.
— All of the Group's generic drugs with annual revenue of more than RMB500 million (excluding exclusive products) entered the centralized procurement list, thus are cleared of further centralized procurement risks.
During the Period, the Group recorded revenue of approximately RMB15.28 billion, a year-on-year increase of approximately 0.5%. Revenue for the second quarter amounted to approximately RMB8.63 billion, representing a YOY increase of approximately 30.0%. Profit attributable to owners of the parent company was approximately RMB1.26 billion. Earnings per share attributable to owners of the parent company were approximately RMB6.78 cents. Adjusted non-HKFRS profit attributable to the owners of the parent was approximately RMB1.48 billion, a YOY increase of approximately 1.2%. Adjusted non-HKFRS profit attributable to the owners of the parent for the second quarter was approximately RMB964 million, representing a YOY increase of approximately 20.7%. The Group's liquidity remains strong, with cash and bank balances classified as current assets of approximately RMB11.58 billion, bank deposits classified as non-current assets of approximately RMB4.23 billion, and wealth management products of approximately RMB3.81 billion in total, and total fund reserves amounting to approximately RMB19.61 billion at the end of the Period.
The Board of Directors has recommended an interim dividend payment of HK2 cents per share (1H2022: HK6 cents).
Sales: The continuous manifestation of R&D achievements has led to outstanding performance in specialty therapeutic products
The Group has benefited from years of in-depth research and development and continues to focus on the development of related products in specialty therapeutic areas with the aim of building its specialty brand.
During the Period, sales of oncology drugs amounted to approximately RMB4.49 billion, accounting for approximately 29.4% of the Group's revenue. Sales of liver disease drugs increased by approximately 14.0% year-on-year to approximately RMB2.29 billion, accounting for approximately 15.0% of the Group's revenue. Sales of surgical/analgesic medications amounted to approximately RMB2.33 billion, accounting for approximately 15.3% of the Group's revenue. In addition, the sales contributions of products in various areas such as respiratory system, cardio-cerebral vascular medicines and others increased simultaneously, accounting for approximately 11.0%, 10.5%, and 18.8% of the Group's total revenue, respectively.
In the field of liver disease, the Group endeavored to strengthen academic promotion of the drugs' efficacy and safety advantages to doctors for the treatment of chronic viral hepatitis, acute drug-related liver injury and liver function abnormalities. Academic conferences at various levels helped to expand the doctor audience and increase the drugs' among experts. Through these activities, the Group was able to actively target new patients and new markets, further driving the rapid sales growth of Tianqing Ganmei.
In the field of surgery/analgesia, the Group focused on hospital access and development in high-potential areas to expand market coverage and hospital channels, strengthening downstream development and improving the development and coverage of secondary hospitals and community healthcare facilities, which has driven the sales of Zepolas (Flurbiprofen) cataplasms to continue to grow with momentum in recent years.
R&D: Strong in-house research and development capabilities, continued focus on R&D of innovative medicines
The Group has continued to focus its R&D efforts on new medicines in four therapeutic areas, namely oncology, liver disease, respiratory system and the surgical/analgesic system. As at the end of the Period, the Group had a total of 127 products under development, including 60 oncology products, 10 liver disease products, 21 respiratory system products, 17 surgical/analgesic products, and 19 products in other categories, of which 69 were Category I innovative products.
The Group will continue to boast strong in-house research and development capabilities and has continued to invest in business development, driving innovation and transformation with its dual-engine approach. During the Period, the Group's R&D expenditure amounted to approximately RMB2.6 billion, accounted for approximately 17.1% of the Group's revenue. Nearly 10 innovative drugs will be launched to market in the next three years, and more than 40 innovative drugs in research and development are expected to be launched by 2030, further strengthening the Group's dominance in its four therapeutic areas and providing strong impetus for long-term sustainable growth.
Prospects: Driven by internationalization strategy, aiming to become a world-class innovative pharmaceutical group with revenue of HK$100 billion by 2030
As the pharmaceutical industry is expected to fully recover within the year, the Group will continue to closely monitor market trends and actively optimize its development strategies, making timely adjustments along the entire industrial chain, including procurement, production and marketing, to mitigate the impact of the pandemic. At the same time, it will continue to focus on innovation and development in the four major therapeutic areas of oncology, liver disease, respiratory system, and surgery/ analgesia, and accelerate its international deployment to build a healthier, more diversified, and sustainable revenue system.
Looking ahead, the Group will continue to adhere to its dual-pronged approach of globalization, i.e. bringing global pharmaceutical innovations to China for the benefit of Chinese patients and going global to open up new markets to accelerate the resolution of global unmet clinical needs. The Group aims to generate revenue of up to HK$100 billion by 2030 and become a world-class innovative pharmaceutical group.
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Hua Medicine Announces 2023 Interim Results
SHANGHAI, CHINA, Aug 25, 2023 – (ACN Newswire) – — First-in-class glucokinase activator (GKA) HuaTangNing (dorzagliatin) was approved in China in September 2022. Since the launch of commercial sales at the end of October 2022 to June 30, 2023, HuaTangNing achieved total sales revenue of RMB87.9 million. For the first half of 2023, approximately 212,000 boxes of HuaTangNing were sold, and Hua Medicine achieved revenues of RMB70.3 million, representing approximately a 299.6% increase in revenue compared with the second half of 2022.
— The Company filed an application to include dorzagliatin in China's National Reimbursement Drug List (NRDL) and is preparing the pharmacoeconomic value discussion with regulatory agencies in the near future. According to the National Healthcare Security Administration, dorzagliatin has passed the preliminary formal examination.
— The Company invested into dorzagliatin scale-up manufacturing capabilities at Changzhou SynTheAll (STA), Zhejiang Raybow and Shanghai Desano upon its successful commercial launch and during the initial out-of-pocket stage of commercialization.
— The Company has advanced the development of 2nd generation of GKA in overseas markets. Our team is preparing an Investigational New Drug (IND) filing in the United States either by year end 2023 or early 2024.
— The Company has discovered additional therapeutic advantages of dorzagliatin in medical care, including the restoration of endogenous GLP-1 secretion, prevention of cognitive dysfunction, better glycemic control in obese patients with diabetes, and diabetes prevention enabled by reversing impaired glucose tolerance (IGT) to normal glucose tolerance (NGT).
— As of June 30, 2023, our cash balance was RMB881.3 million, representing an increase of approximately 79.6% as of December 31, 2022. The Company received RMB400 million non-refundable milestone payment from Bayer. With additional government funding, our total cash received from Bayer and government funding in the first half of 2023 was RMB402.6 million.
— On August 17, 2023, the Group and Bayer confirmed the achievement of a certain milestone relating to the development of HuaTangNing. Pursuant to the terms of the commercialization agreement between the Group and Bayer, the Group is entitled to receive a milestone payment of RMB800 million from Bayer.
Hua Medicine (the "Company", HKEx: 2552) today announces the unaudited consolidated results of the Company and its subsidiaries for the six months ended June 30, 2023 (the "Reporting Period").
Dr. Li Chen, the founder and CEO of Hua Medicine, said, "the first half of 2023 was a critical stage for Hua Medicine to begin commercialization. Since successful approval and the launch of prescription sales of dorzagliatin, the Company has worked closely with Bayer across the major channels of on-line drug store, retail pharmacies and hospital pharmacies. The result has been substantial growth of sales that is boosting our confidence in faster growth of dorzagliatin in the future."
"As market demand and user numbers increase, we will carry out more real-world studies on dorzagliatin to meet more unmet clinical needs. In addition, Hua Medicine continues to make breakthroughs in exploring new treatment opportunities for dorzagliatin, including a wider range of indications and product pipelines for more countries and regions. Hua Medicine will continue to work with our partners in exploring more paths for the development of first-in-class drugs in China and around the world, and helping people live healthy and fulfilling lives," Dr. Chen said.
Progress of Clinical Research and Company Operations
— In March 2023, the Company published a research paper in Nature Communications. The paper discusses studies which show that through its modulation of the glucose sensor glucokinase (GK) function and by repairing impaired GLP-1 secretion in patients with diabetes and obesity, dorzagliatin is expected to secure a new indication related to endogenous GLP-1. The study further demonstrated that dorzagliatin restored the impaired glucose homeostasis in T2D patients through its action on GK targets located in the pancreas, intestine, and liver. This may offer a more effective way to achieve diabetes remission in obese diabetes patients through a combination of dorzagliatin with a GLP-1 receptor agonist.
— In June 2023, the Company presented the positive effects of dorzagliatin in the prevention of diabetes and memory deterioration in GK rats at the June 2023 American Diabetes Association (ADA) Scientific Sessions. The Company has filed patents in this area and will continue to expand its research into the benefit of dorzagliatin in disease prevention.
— In June 2023, the Company published our results of a prospective SEED-DREAM study in Chinese non-obese diabetes patients in the well-recognized journal, Diabetes, Obesity and Metabolism, in which we have reported a 65% remission probability during 52 weeks in subjects who have improved their TIR (Time-In-Range, a parameter that represents a better homeostasis control) after dorzagliatin treatment. We have further revealed the determinant factors for achieving diabetes remission after dorzagliatin treatment during the SEED study. These factors include a significant improvement of beta cell function and disposition index, reduction of post prandial glucose and significant increase of TIR during the SEED trial. Improvement of TIR is strongly correlated with reducing the risks of various diabetes complications, including heart attack, stroke and renal disease, as well as neurodegenerative disorders.
— The Company has filed its National Reimbursement Drug List (NRDL) application for dorzagliatin in China and is preparing the pharmacoeconomic value discussion with regulatory agencies in the near future. According to the National Healthcare Security Administration, dorzagliatin has passed the preliminary formal examination.
— Hua Medicine has worked with its manufacturing partners since the drug approval to manage market needs. We have secured adequate dorzagliatin supply for the 2023 calendar year, and initiated investment into dorzagliatin manufacturing capability at Changzhou SynTheAll (STA), Zhejiang Raybow and Shanghai Desano after the successful commercialization launch during the initial out-of-pocket stage. The total investment in 2023-2024 for commercial drug manufacturing and capacity expansion is expected to be in the range of RMB400 million.
— The Company is investigating the potential of dorzagliatin in diabetes prevention in a clinical study. After the initiation of the SENSITIZE II study at Chinese University of Hong Kong (CUHK), the Company is developing clinical study plans of reversing impaired glucose tolerance (IGT) to normal glucose tolerance (NGT) in China. IGT is a primary cause of T2D, and there are approximately 500 million IGT patients worldwide. The main cause of IGT, especially those with impaired post prandial glucose tolerance, is the impairment of early phase insulin secretion in the pancreas and the defect of glucokinase expression in the liver. Mechanistically dorzagliatin has the potential of reversing the condition of the IGT to NGT, and thereby prevent diabetes.
Business outlook
— The Company will continue with our responsibility as market authorization holder (MAH) of dorzagliatin to commercialize dorzagliatin in China with our partner, Bayer, to expand market share in diabetes care, especially among Type 2 diabetes patients with uncontrolled post prandial glucose (PPG) who will benefit from the improvement of beta cell function and time in range (TIR).
— The Company will continue to invest into dorzagliatin manufacturing capability and into expanding our tier-1 distributor network to drive a three-pronged approach to commercialization in China: hospitals, pharmacies, and on-line drug stores.
— The Company is seeking entry into the National Reimbursement Drug List (NRDL), to facilitate the entry into hospitals and increase accessibility by physicians in order to demonstrate dorzagliatin's potential to be a cornerstone treatment for Type 2 diabetes as monotherapy or in combination with other approved antidiabetic drugs.
— The Company is expecting to receive a certain milestone payment from Bayer related to the development of dorzagliatin in the second half of 2023.
— The Company is also advancing development of our second generation glucokinase activator for potential future international expansion including DKD and diseases associated with impaired glucose homeostasis. Currently, we are actively looking for business partners to advance our R&D programs and commercialization to help more patients globally.
— The Company will continue to develop new drug candidates of fixed-dose-combination of dorzagliatin with metformin, sitagliptin (a DPP-4 inhibitor) and empagliflozin (a SGLT-2 inhibitor). It was found in clinical studies that the combination of dorzagliatin with a DPP-4 inhibitor or SGLT-2 inhibitor improved glycaemic control and beta cell function in patients with diabetes and obesity.
— Additional benefits of dorzagliatin in disease prevention will be further explored in endocrinology and neurodegeneration.
— Progress has been made in glucokinase candidate targeting congenital hyperinsulinism a rare disease in the United States and China. The AI-based lead optimization will help to advance the program and select clinical candidates with joint effort at AscendRare and Hua Medicine. We are also jointly investigating the opportunity of FKI in different diseases areas and developing sensitive IVD methods for clinical detection of fructose, a sugar component, which contributes to obesity and liver disease. Reduction of the fructose flux into liver could prevent the fatty liver disease and related complications.
Financial highlights
As of June 30, 2023,
— Since the launch of commercial sales at the end of October 2022, dorzagliatin achieved total sales revenue of RMB87.9 million as of June 30, 2023. The revenue of Hua Medicine for the first half of 2023 was RMB70.3 million, which was an increase of approximately 299.6% comparing to the second half of 2022.
— Bank balances and cash position were approximately RMB881.3 million.
— Total expenditures incurred by the Company for the six months ended June 30, 2023, were approximately RMB181.5 million, of which approximately RMB71 million was attributable to research and development expenses.
— Total comprehensive expenses for the period decreased by approximately RMB14.0 million or approximately 13.4% to approximately RMB90.5 million, compared with the six months ended June 30, 2022.
Forward-looking Statement
This article contains the statements regarding the future expectations, plans and prospects for Hua Medicine and the investigational product. The forward-looking statements made in this article relate only to the events or information as of the date on which the statements are made in this article. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this article completely and with the understanding that our actual future results or performance may be materially different from what we expect as a result of various risks, uncertainties, or other legal requirements.
About Hua Medicine
Hua Medicine is an innovative drug development and commercialization company based in Shanghai, China, focused on developing novel therapies for patients worldwide with unmet medical needs. Based on global resources, Hua Medicine teams up with global high-caliber people to develop breakthrough technologies and products, which contribute a global innovation in diabetes care. As Hua Medicine's cornerstone product (dorzagliatin tablets), targeting the glucose sensor, glucokinase, restores glucose sensitivity in T2D patients and stabilizes the imbalance of blood glucose levels in patients, it has been approved by the National Medical Products Administration (NMPA) of China on September 30th, 2022. It can be used alone or in combination with metformin hydrochloride-tolerated T2D patients. For patients with chronic kidney disease (CKD) and Type 2 diabetes (i.e., diabetes kidney disease), no dose adjustment is required. Hua Medicine will partner with Bayer, a leading global pharmaceutical company, to commercialize HuaTangNing in China, benefiting diabetic patients and their families. HuaTangNing has also demonstrated its potential of achieving diabetes remission in clinical studies to help millions of diabetic patients around the world.
Disclaimer
For the accuracy and completeness of the context, references to information related to products launched in China, especially label or requirements, should follow the relevant documents approved by the Chinese regulatory authorities.
The above information should not be interpreted as a recommendation or promotion of any drug or treatment regimen, nor should it substitute for the medical advice of any healthcare professional. Please consult a healthcare professional for any matters related to medical treatment.
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Ocumension Therapeutics Announces 2023 Interim Results
HONG KONG, Aug 24, 2023 – (ACN Newswire) – Ocumension Therapeutics ("Ocumension" or the "Company", together with its subsidiaries, collectively the "Group", stock code: 1477), a leading China ophthalmic pharmaceutical platform company, announced its interim results for the six months ended 30 June 2023 ("the Period") today.
During the Period, the market of ophthalmic drugs has significantly recovered from COVID-19. The Company has seized such an opportunity and made great progress in market exploration and customer development. The Company achieved operating revenue of RMB103.7 million, representing an increase of 90.1% year-on-year. Consolidated gross profit margin was approximately 60.5%, in line with the growth in revenue. The increase in revenue is mainly attributed to the sales of more than ten products including Youshiying, Ou Qin, Emadine, Xalatan, Kangwenjuan. In addition, the adjusted loss amounted to RMB125.9 million, which increased by 63.8% year-on-year.
The Group expanded its network of hospitals in the PRC for its ophthalmic drugs, achieving coverage of 9,361 hospitals nationwide, 1,426 of which are Grade III hospitals, with a commercial team of 210 employees.
During the Period, OcuMension maintained its focus on the pilot scale production and validation batch production for its products, such as Emadine, at its Suzhou manufacture site. It also continued to produce products that were transferred from other manufacture sites, such as Ou Qin.
The Company officially commercially launched Youshiying (Fluocinolone intravitreal implant) during the Period, a new drug for the treatment of chronic non-infectious uveitis. Uveitis is a complex eye disease, including but not limited to iritis and iridocyclitis, choroiditis, peripheral inflammation and degeneration of the retina and vascular, retinal pigment epithelium, vitreous body and optic nerve. The disease can cause significant effects on patients. Specifically, each episode of inflammation of uveitis may cause irreversible damage to the patients' intraocular tissues, among which an average number of 46% of patients will eventually develop irreversible visual impairment or blindness. Uveitis is the second most common eye disease in China that causes blindness.
The Group continued to pursue new opportunities in the ophthalmic market and accelerate its R&D of new clinical drugs. One of the Company's innovative drugs, OT-1001 (0.24% cetirizine hydrochloride eye drop), had its NDA accepted by the CDE and was included in the NMPA's priority review and approval process. Additionally, OcuMension completed the enrollment of patients globally for the phase III clinical trial of OT-101 (0.01% atropine sulfate eye drop), a new drug for slowing down the progression of myopia in children. The application for the phase III clinical trial of OT-101-S (0.01% and 0.05% atropine sulfate eye drops) was also accepted by CDE. OT-101-S is shown to be safe and well-tolerated. With five drug candidates in phase III clinical trials, OcuMension has the largest number of ophthalmic drugs in phase III clinical trials in China. OcuMension will continue strengthening its research and development efforts to overcome technical barriers to ophthalmic preparations and continuously improve its product's competitiveness.
In February 2023, OT-101, a low-concentration (0.01%) atropine eye drop for retarding or slowing down the progression of myopia in children and adolescents, completed the enrollment of 170 subjects in China for global phase III randomized, double-blind, placebo-controlled, parallel and multi-center clinical trial. In June 2023, OT-101 completed the enrollment of 678 subjects for the global phase III randomized, double-blind, placebo-controlled, parallel-group and multi-center clinical trial. The Company will continue its phase III clinical trials this year.
In addition, the Company initiated the phase II clinical trial for OT-202 (tyrosine kinase inhibitor) in February, a class I innovative drug internally developed by the Company for the treatment of dry eye. The phase I clinical trial was successfully completed in February and demonstrated OT-202 has good safety and tolerability profile in healthy adult subjects. The Company expects to complete the enrollment of subjects for phase II clinical trials in the second half of 2023.
In March, OT-702, a recombinant human vascular endothelial growth factor receptor antibody fusion protein ophthalmic injection, completed the enrollment of all subjects for the phase III clinical trial. The Company will continue phase III clinical trials this year. The Company also continued to advance the real-world study and phase III clinical trials of OT-502 during the Period. The Company expects to organize its data and prepare NDA documents in the second half of this year.
Looking forward to the second half of 2023, the Company will continue developing new products to ensure that at least two new drug candidates enter the registration stage and that it is able to maintain a solid pipeline of products to launch. The Company also expects that the Suzhou manufacturing site will achieve commercialized mass production and be able to provide a consistent supply of quality of products. Lastly, OcuMension will dedicate significant resources to promote its core product, Youshiying, to ensure its successful marketing, and ability to benefit a large number of patients.
OcuMension also plans to enhance its efforts to market and promote other drug products, including Xalatan, Xalacom, Betoptic S, Emadine and AZEP, as it strengthens its leading position in the treatment of uveitis, anti-allergy and glaucoma as well as maintain its sales revenue's exponential growth. Meanwhile, the Company will enhance its corporate culture by creating a unique culture to safeguard the sustainable development and growth in the next stage.
Mr. Ye LIU, CEO and Executive Director of Ocumension, said: "Over the past three years, we have made many remarkable achievements. In particular, we successfully developed and marketed our core product OT-401, broadened our product pipeline, built a high-quality production base and actively promoted our products. Going forward, as we uphold our philosophy of "Virtus et Lumen", we will provide comprehensive solutions to patients to protect their eyes and further improve their quality of life. We will also continue to deliver strong results and value for our shareholders and investors, as we strengthen our leading position in the ophthalmology industry."
About Ocumension Therapeutics
Ocumension Therapeutics is a Chinese ophthalmology platform company dedicated to identifying, developing and commercializing pioneering or best-in-class ophthalmic therapies. The company's vision is to provide world-class drug solutions to meet the huge demand for ophthalmology treatments in China. We believe that our ophthalmology platform with its obvious first-mover advantage will give us a leading position in the ophthalmology industry in China. Up to now, the company has 24 kinds of drug assets in front of the eye and back of the eye, and has established a complete ophthalmic drug product line, six of which have entered phase III clinical trials in China. On July 10, 2020, Ocumension was listed on the main board of the Stock Exchange of Hong Kong Limited (stock code: 01477).
More information about Ocumension Therapeutics: https://www.ocumension.com/
Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Universal Medical Announces 2023 Interim Results
HONG KONG, Aug 24, 2023 – (ACN Newswire) – Genertec Universal Medical Group Company Limited (the "Universal Medical" or "Company"; Stock Coke: 2666.HK) is pleased to announce the interim results for the six months ended 30 June 2023.
Since 2023, the company served the "Healthy China" strategy and continued to expand its footprint in the healthcare sector, dedicated to promoting high-quality development for improving quality and expanding quantity with expected stability and energetic growth, and continued to realize the vision of "To Be the Most Trusted Global Leader in Medical & Healthcare Services". In the first half of 2023, the company recorded a revenue of RMB6,634.4 million in total, up by 16.1% as compared to the corresponding period of the previous year. In particular, the healthcare business recorded a revenue of RMB3,646.1 million, up by 33.8% as compared to the corresponding period of the previous year, with its proportion to the total revenue increased to 55.0%; the company recorded a profit for the period of RMB1,193.6million, up by 1.5% as compared to the corresponding period of the previous year, of which, the healthcare business contributed RMB231.6 million, up by 61.1% as compared to the corresponding period of the previous year; the company recorded a profit attributable to owners of the parent of RMB1,093.2 million, up by 0.3% as compared to the corresponding period of the previous year, of which, the healthcare business contributed RMB174.0 million, up by 88.0% as compared to the corresponding period of the previous year; and the company recorded a return on total assets (ROA) of 2.96% and a return on equity attributable to ordinary shareholders (ROE) of 15.25%. The indicators of income and the assets conditions maintained a steady and excellent performance.
Integrated Healthcare Service Steady Development: the Net Profit Margin of the Medical Institutions Increased to 5.28%
The medical institutions are not only the company's core resources to build a healthcare conglomerate, but also the R&D and training center of the Group's discipline operation, training center of the Group's discipline operation, as well as the project cultivation and commercialization pool and the sharing center for basic resources and practice of the industrial units. With respect to the integrated healthcare service segment, focusing on the development of the hospital group's core capacity, the company continuously build up the competition advantages of central state-owned enterprises in running medical care,so as to facilitate positive and continuous development of Hospital of SOEs and constantly improve operation efficiency and effectiveness. As at 30 June 2023, the number of consolidated medical institutions increased to 55 (including four Grade III Class A hospitals and 26 Grade II hospitals), with a capacity of 13,893 beds in total. In the first half of the year, the consolidated Hospitals of SOEs contributed to the company a revenue of RMB3,528.0 million, up by 33.4% as compared to the corresponding period of the previous year; recorded a profit for the period of RMB186.4 million in total, up by 62.0% as compared to the corresponding period of the previous year; and the net profit margin was 5.28%, up by 0.93 percentage point from the same period of the previous year.
Specialties and Healthcare Industry Accelerating Growth: Continuous Enhancement of Competitiveness via Internal & External Strategies
With the business foundation and professional core talent team of its own hospital group, the company strived to build replicable capabilities of specialties and industry operation while serving internal quality and efficiency enhancement, so as to create new profit growth drivers for the listed company. The performance contribution of this business segment mainly comes from providing hospital clients with life cycle management of medical equipment, medical devises sales and internet-based healthcare services.
In the field of nephrology, the company will focus on enhancing the core capabilities for nephropathy diagnosis and treatment of primary level hospitals, the establishment of nephropathy diagnosis and treatment flagship centers and municipal and provincial key specialties and the construction of high-quality blood purification centers. The company continuously deepened the industry layout of nephrology specialties through the scientific research results supported by digitalization. Up to the current moment, the company opened 21 new specialties departments in its member hospitals, continued to build a rapidly replicable operating system, and gradually leading to cooperation with external hospitals. In the first half of 2023, the company founded the nephropathy industry research institute, and have completed the acquisition of Beth Hesda Nephrology Hospital and Haiyang Senzhikang Hospital Co., Ltd.
In the field of oncology, the company continues to push forward the construction, operation and standardization of tumor precision diagnosis and treatment centers, pool internal and external resources to build the flagship tumor specialty diagnosis and treatment benchmark inside and outside the hospital group, develop tumor radiotherapy business product solutions, expand the chain business scale through investment/construction, and promote the standardized, collaborative and efficient development of oncology specialties.The tumor precision diagnosis and treatment center of Ma'anshan MCC17 Hospital operated by the company was opened in March 2023. In June 2023, the company concluded a cooperative arrangement with Mevion Medical Group, under which both parties will jointly establish a tumor precision medical service company as the sole platform to provide oncology radiotherapy services by both parties in the PRC, with an aim to accelerate the establishment of leading oncology diagnosis and treatment business system and intelligent oncology diagnosis and treatment platform in the PRC, continuing to empower the development of the external and internal hospitals of the company.
From the perspective of the life circle management of equipment, the company relies on its own hospital group as a team capability training and business practice base to provide hospital customers with life cycle management services for medical equipment from procurement planning, repair and maintenance to refined operation management. Based on its equipment management and operation capabilities and financial strength accumulated over the years, the company believe that it can achieve rapid improvement of the business scale and core capabilities of the equipment life cycle management through endogenous development and extensional mergers and acquisitions. So far, the company was entrusted the operation of 14 hospitals with the assets under management with a value over RMB3 billion. The value of contracts entered into in the first half of 2023 amounted to over RMB90 million. In August 2023, the company acquired 85% equity interests of Casstar Medical Technology Wuxi Co., Ltd. ("Casstar") at the consideration of RMB467.5 million. Casstar is recognized as a high-tech enterprise, a provincial specialized and sophisticated small and medium-sized enterprise, and a provincial gazelle enterprise, and has been committed to providing maintenance services for various type of medical imaging equipment since its establishment, with maintenance capacity covering mainstream medical imaging equipment, as well as life emergency, respiratory anaesthesia, hemodialysis and ultrasound equipment. It served a total of over 1,500 hospitals and maintained long-term cooperation relationship with more than 500 hospitals with asset under management of over RMB10 billion, providing nationwide service capacity. It also has a number of intellectual right patents, enjoys core strength in the Internet of Things, digital development and other fields, and is a leading enterprise with great influence in the industry. This acquisition will provide strong support for the company to improve its core competitiveness in the life cycle management equipment, and will accelerate the implementation of the company's industry consolidation strategy, so as to facilitate rapid development of its business.
Financial Business Resilience: Solid Profitability and Asset Quality, Continuous Financing Structure Optimization.
In 2023, faced with the impact of various factors such as increasing financing costs in the overseas markets, intensified market competition at home, tightening financial regulation and shortage in quality assets, the company always took risk control as a top priority, and were committed to ensuring quality project development for our customers. By keeping abreast of the market development, the company strived to arrange financing structure properly, so as to ensure liquidity sufficiency and security while minimising the pressure of rising costs as a result of US Dollar interest rate hikes on the offshore markets. In the first half of 2023, the company recorded income of finance business of RMB2,988.2 million in total, remaining stable as compared with the corresponding period of the previous year. As at 30 June 2023, its net interest-earning assets reached RMB71,764.5 million, representing an increase of 10.0% as compared to that at the beginning of the year; the non-performing asset ratio was 0.98%; the overdue ratio (30 days) was 0.88%, and the provision coverage ratio was 255.06%.
Given that the current domestic and international economy and financial markets continue to be confronted with many risks, challenges and uncertainties, Universal Medical will continue to promote the steady and safe development of its finance business, and give full play to the finance business to empower the development of the medical care industry, so as to build a solid moat for the high-quality development of a central state-owned and listed enterprise.
It is worth mentioning that in terms of high-quality development of listed companies, Universal Medical has been continuously enhancing its ESG construction and fulfilling its social responsibilities as a central state-owned enterprise. The company has been actively engaged in medical assistance in Xinjiang, Tibet, and overseas, and the "XinYan Public Welfare Fund" has provided assistance to over 500 patients, effectively meeting the clinical treatment needs of critically ill patients in economically disadvantaged areas. In April, the company successfully launched the first "Rural Revitalization" labeled medium-term notes, and in July, it successfully secured the first domestic syndicated loan in line with green loan principles. The company has also been selected as one of the "China ESG Top 100 Listed Companies" released by the China Central Television, ranking 62nd. In the future, the company will continue to adhere to the principle of seeking progress while maintaining stability, promote high-quality development, and strive for new breakthroughs, creating greater value returns for all shareholders.
For further information, please contact:
PEANUT MEDIA LIMITED
Direct Line: +86-755-61619798 x8210
Email: hswh.project@czgmcn.com
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China Medical System Gained Exclusive License of an Anti-Ischemic Stroke Class 1 Innovative Drug
l Y-3, a Class 1 Innovative Drug injection, is used to alleviate neurological symptoms and dysfunction of daily activities caused by acute ischemic stroke. The Product has a clear mechanism of action, which is conducive to exerting brain cytoprotection effects. Meanwhile, the Product has a rapid anti-depression and anti-anxiety function, and is expected to become the first new type of brain cytoprotectant that treats both stroke and post-stroke depression.
l The product will enrich the cardio-cerebrovascular (including the central nervous system) pipeline of the Group. After approved for marketing in China, it is expected to meet the clinical needs of drug with both safety and efficacy, providing new treatment options to ischemic stroke patients in China.
SHENZHEN, CHINA, Aug 24, 2023 – (ACN Newswire) – On August 24, China Medical System Holdings Limited (“CMS” or the “Group”) announced that the Group entered into a Collaboration Agreement (the “Agreement”) with Nanjing NeuroDawn Pharmaceutical Co. Ltd. (“NeuroDawn Pharmaceutical”), for anti-ischemic stroke brain cytoprotectant and class 1 innovative drug Y-3 injection (“Y-3 injection” or the “Product”), and gained an exclusive promotion right of the Product in Mainland China, Hong Kong Special Administrative Region and Macao Special Administrative Region. The term of the Agreement is permanent.
Y-3 Injection is a Class 1 innovative drug – small molecule compound, which is used to alleviate neurological symptoms and dysfunction of daily activities caused by acute ischemic stroke. The mechanism of action of the Product is to dissociate PSD-95 and nNOS coupling and activate α2-GABAA receptors. With dual-target intervention at the same time and its clear mechanism of action, the Product is conducive to exerting brain cytoprotection effects. Meanwhile, the Product has a rapid anti-depression and anti-anxiety function, and is expected to become the first new type of brain cytoprotectant that treats both stroke and post-stroke depression.
Stroke is a major non-communicable disease that seriously endangers the health of Chinese people. The overall lifetime risk of stroke in China is 39.9%, ranking the first in the world. The number of new cases of ischemic stroke in China was approximately 2.87 million in 2019, and the incidence rate substantially increased by 226.5% from 1990 to 2019, with a large patient population. Stroke has the characteristics of high disability rate and heavy economic burden. There is an urgent clinical need for evidence-based drugs to reduce family and social burdens.
In January 2023, The Phase I clinical trial of the Product in China has been completed and the results showed a good overall safety. The Product is currently in the Phase II clinical trial in China. If approved for marketing in China, it will bring new treatment options to ischemic stroke patients in China, meet the clinical needs of drug with both safety and efficacy, and thus benefit the patients.
CMS has been deeply engaged in the cardio-cerebrovascula/central nervous system therapeutic fields for years and possesses XinHuoSu (recombinant human brain natriuretic peptide for injection), Deanxit (flupentixol and melitracen tablets) and VALTOCO (the first diazepam nasal spray approved in China), etc. The Group has also established a compliant and efficient commercialization system in the cardio-cerebrovascular and central nervous system fields. In the future, the Group will continue to prioritize patients and clinical needs, strategically deploy more differentiated innovative drugs, and consistently expand the product portfolio in the Group’s advantageous specialty fields, benefiting a greater number of patients.
For further detailed information, please visit the following link for the announcement, “Voluntary and Business Update Announcement Gaining Exclusive License of an Anti-Ischemic Stroke Class 1 Innovative Drug” issued by CMS on August 24 2023.
About NEURODAWN PHARMACEUTICAL
NeuroDawn Pharmaceutical, based in Nanjing, China, is an innovation and R&D-driven new drug company, focusing on the research and development of new drugs for central nervous system (CNS) diseases. NeuroDawn Pharmaceutical has established a comprehensive internal R&D platform, including chemical synthesis, biological screening, CMC (chemistry, manufacturing and control) development, DMPK (drug metabolism and pharmacokinetics) research, in vivo pharmacology research, toxicology research and clinical research, etc. In addition, NeuroDawn Pharmaceutical has integrated clinical resources for neurological diseases in China and established close collaboration with more than one hundred leading hospitals in China to provide comprehensive and complete technical services and professional guidance for clinical studies.
About CMS
CMS is a platform company linking pharmaceutical innovation and commercialization with strong product lifecycle management capability, dedicated to providing competitive products and services to meet unmet healthcare needs.
CMS focuses on developing first- or best-in-class innovative products and has made the layout of about 30 differentiated pipeline products with strong market potential. CMS deeply engages in specialty therapeutic fields, and has developed proven commercialization capabilities, extensive networks and expert resources, resulting in leading academic and market positions for its major marketed products. CMS continues to strengthen the competitiveness of its cardio-cerebrovascular/gastroenterology business, and independently operated dermatology and medical aesthetic business, and ophthalmology business, whilst enhancing the scale and efficiency. CMS also entered into the Southeast Asian market to create new opportunities to further enhance the sustainable development of the Group.
Media Contact
Brand: China Medical System Holdings Ltd.
Contact: CMS Investor Relations
Email: ir@cms.net.cn
Website: https://web.cms.net.cn/en/home/
Source: China Medical System Holdings Ltd.
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Asia HSE Summit 2023: Taking Health & Safety to The Next Level
KUALA LUMPUR, Aug 24, 2023 – (ACN Newswire) – Stay up-to-date with the latest developments in the health and safety sector at ASIA HSE SUMMIT, which will be held on 11-12 September 2023 at the Royale Chulan Kuala Lumpur.
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The Summit will bring together Health, Safety, and Environment (HSE) experts from a wide range of industries to explore the latest approaches to optimizing HSE performance, as well as the most effective strategies for enhancing workplace safety. Topics such as risk assessment and management, employee training and awareness, data security and privacy, ergonomic considerations and well-being will be discussed in order to improve health and safety in the digital era.
Attendees of the conference will be provided with ground-breaking strategies to develop, implement, and monitor HSE programs that abide by industry regulations. Through interactive sessions and expert interaction, participants will gain access to the tools and resources needed to establish a successful and sustainable HSE programs that meet industry-set standards. This can help create a safer and more productive work environment, leading to greater efficiency and profitability.
Don't miss out on this chance to join HSE professionals from Asia and beyond to learn how to stay ahead of the curve in the rapidly-evolving health and safety landscape. The seats are limited, register now with HRDF CLAIMABLE.
Registration Link: www.asiahsesummit.com/contact-7
Official website: www.asiahsesummit.com/
For further inquiries, please contact:
Amina
+601161888699
amina@cteventasia.com
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