The scientific innovation board has been on the market for more than a year, and the action of Jiangsu Aidea Pharmaceutical Co.Ltd(688488) (688488, SH) is somewhat puzzling. Major changes in the company’s main starting investment projects, the front foot is still developing anti-tumor projects, the rear foot becomes anti AIDS projects; On the evening of December 24th, the company announced the resignation of two core technicians. The two participants were involved in the research and development of the company’s anti tumor and anti AIDS projects. One of them was a deep participant in the research and development of AIDS drug approved by the company. The Shanghai Stock Exchange also had doubts about the situation of Jiangsu Aidea Pharmaceutical Co.Ltd(688488) and quickly sent a letter to inquire on the evening of the 24th.
Fund raising and investment projects are greatly changed and no longer “anti-tumor”?
Jiangsu Aidea Pharmaceutical Co.Ltd(688488) on December 24, it was announced that the company planned to change the “acc006 phase II clinical project of lung squamous cell carcinoma chemotherapy combined with chemotherapy” (hereinafter referred to as lung squamous cell carcinoma chemotherapy project) of the fund-raising investment project “innovative drug R & D and R & D technology center building purchase project (hereinafter referred to as innovative drug R & D project)” to “integrase inhibitor drug R & D and clinical research project”.
The lung squamous cell carcinoma chemotherapy project originally planned to invest 70.1 million yuan of raised funds, and has invested 14.8484 million yuan in total. The remaining available raised funds of the project are 55.2516 million yuan. Jiangsu Aidea Pharmaceutical Co.Ltd(688488) said that the raised funds of 14.8484 million yuan invested in the lung squamous cell carcinoma chemotherapy project will be replaced by the company’s own funds. Therefore, the raised funds involved in the change will be the total raised funds of the original project of 70.1 million yuan. The company plans to use this fund to develop a new generation of anti HIV integrase inhibitors.
Jiangsu Aidea Pharmaceutical Co.Ltd(688488) This move attracted people’s attention. After the company was listed for more than one year, it has made substantial changes to the initial raised investment project.
According to the Jiangsu Aidea Pharmaceutical Co.Ltd(688488) prospectus, the total initial fund raised by the company was 839 million yuan, and the net fund raised was 764 million yuan. According to the plan, the net fund-raising is mainly invested in innovative drug R & D projects, API production R & D and supporting facilities projects, as well as bank loan repayment and supplementary working capital. Among them, the innovative drug R & D project includes 7 sub projects. Six of the seven sub projects are innovative drug clinical research projects, including four anti-tumor projects, including lung squamous cell carcinoma chemotherapy projects.
Before the lung squamous cell carcinoma chemotherapy program, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) has greatly reduced its anti-tumor program. On August 27 this year, the company announced to change the remaining available funds of four projects under the innovative drug R & D project, such as “acc006bccii clinical project” and “acc010i / II clinical project”, of which three projects are anti-tumor projects. At that time, the company plans to change the total amount of funds raised to 154 million yuan, and the funds will be invested in the research of anti HIV drugs, anti-inflammatory and stroke.
After two consecutive rounds of adjustment, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) the anti-tumor projects in the initial raised investment projects have disappeared. On the evening of December 24, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) also announced that the company plans to transfer all rights and interests related to the technical secrets and patent rights of the new anti-tumor drug project under development acc006 project to Guangzhou Lixin Biotechnology Co., Ltd. (hereinafter referred to as Lixin Biotechnology) for 100 million yuan (tax included). The company also agreed with Lixin biology that if the project is not approved for listing, the company will bear 50% of the R & D expenditure.
Why was it listed as the main fund-raising investment project
Jiangsu Aidea Pharmaceutical Co.Ltd(688488) prospectus said that the company was founded in 2009, is a bio protein product production and marketing of bio products enterprises, while part of the generic drug business and distribution of Abbott Company HIV diagnostic equipment and reagents business, and is in the layout of anti AIDS, anti-inflammatory and anti-cancer research and development of innovative drugs.
At the beginning of the listing, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) has said that anti AIDS and anti-cancer are the focus of global medical attention, and the focus areas that the company has devoted much effort in recent years. “Although the scale of China’s anti-tumor market exceeds 100 billion yuan, about half of it depends on imports. Therefore, under the background of such huge market demand and the current industrial policy of encouraging domestic drugs to replace imported drugs, domestic innovative anti-tumor drugs will face unprecedented development opportunities.”
Now, only more than one year has passed, the company also said: “at present, the homogenization in the R & D field of anti-tumor innovative drugs is more serious, the medical resources are more scarce, and the competitive cost is significantly increased”.
Regulators also have doubts about the significant changes in Jiangsu Aidea Pharmaceutical Co.Ltd(688488) initial raised investment projects. The Shanghai stock exchange quickly issued an inquiry letter to the company on the evening of the 24th. The Shanghai stock exchange requires the company to verify and explain: the main reasons for including a number of anti-tumor pipelines in the main R & D direction and raised investment projects before listing; The background, reasons and rationality of the major adjustment of the strategic direction in the short term after listing. At the same time, the Shanghai Stock Exchange asked Jiangsu Aidea Pharmaceutical Co.Ltd(688488) to analyze the competitive advantage of the company in the field of AIDS, indicating whether the focus of AIDS is conducive to enhancing the profitability of the company. The Shanghai Stock Exchange asked the company to disclose the feasibility of Jiangsu Aidea Pharmaceutical Co.Ltd(688488) ‘s “integrase inhibitor research project”.
In addition, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) also disclosed on the evening of the 24th that Li Wenquan and Hu xionglin, the company’s technical director and core technicians, left for personal reasons. During the tenure of the company, the two had been involved in the research and development of new anti-cancer drugs ACC006, ACC010 and anti AIDS new drug ACC007 and ACC008. In particular, Hu Xionglin participated in the research and played an important role in the AIDS drug company. By the end of the three quarter of this year, AI bond was the only anti HIV drug approved by Jiangsu Aidea Pharmaceutical Co.Ltd(688488) . In response, the Shanghai Stock Exchange asked Jiangsu Aidea Pharmaceutical Co.Ltd(688488) to explain the impact of Hu Xionglin’s resignation on the sustainable development capability of the company’s AIDS pipeline.
(Daily Economic News)
