4 of the 6 R & D pipelines in the I PO recruitment project are anti cancer projects. A year after listing, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) (688488.SH) suddenly turns these anti-cancer items into AIDS projects.
A few days ago, the Jiangsu Aidea Pharmaceutical Co.Ltd(688488) announced that the company changed the project "ACC006 lung squamous cell carcinoma chemotherapy phase II clinical project" into an AIDS related enzyme inhibitor related project, and transferred the investment project to the R & D pipeline of Guangzhou Lixin Biological Technology Co., Ltd. (hereinafter referred to as Guangzhou Lixin bio), the transfer price was 100 million yuan.
It is worth noting that before this transfer, "acc006 phase II clinical project of combined chemotherapy for lung squamous cell carcinoma" has invested a total of 40.2863 million yuan.
While changing the raised investment projects, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) announced that Li Wenquan and Hu xionglin, the company's technical director and core technicians, had recently applied for resignation from the company's technical director and core technicians.
In order to understand the reasons why Jiangsu Aidea Pharmaceutical Co.Ltd(688488) has repeatedly changed the raised investment project after listing, the rationality of the project transfer price evaluation, and the resignation of core personnel, the 21st Century Business Herald reporter sent an interview email to Jiangsu Aidea Pharmaceutical Co.Ltd(688488) Secretary Wang Guangrong on December 27.
On December 28, when replying to the email, Wang Guangrong said, at present, the company is in the reply period of the inquiry letter, "it is inconvenient for the company to reply before the announcement is disclosed, and we will clarify the relevant problems in the reply announcement of the inquiry letter."
Due to such a major strategic direction adjustment after listing, the Shanghai Stock Exchange urgently issued an inquiry letter to Jiangsu Aidea Pharmaceutical Co.Ltd(688488) , asking the company to explain "the main reasons for including a number of anti-tumor pipelines in the main R & D direction and raised investment projects before listing" and "the background, reasons and rationality of major adjustment of strategic direction after listing in a short time."
IPO raised anti-tumor drug project
Jiangsu Aidea Pharmaceutical Co.Ltd(688488) was listed on the science and Innovation Board on July 20, 2020.
At the beginning of its establishment, the company was mainly engaged in human protein business, that is, extracting and purifying a variety of crude human protein from urine and selling it to downstream preparation enterprises as biochemical raw materials. In 2014, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) began to transform the layout of innovative drug research and development, aiming at AIDS, inflammation and major diseases such as cancer.
In fact, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) was required by the municipal Party Committee on the science and innovation board to "comprehensively revise the prospectus, including but not limited to major event tips, overview, risk factors, business and technology and many other details" before listing, that is, at the meeting in April 2020
The Listing Committee believes that the main problems in the prospectus of Jiangsu Aidea Pharmaceutical Co.Ltd(688488) are: "unable to explain the essential relationship between various businesses of the enterprise, insufficient basis for defining the company as" pharmaceutical manufacturing industry ", failure to clarify the competitive and cooperative relationship with major customers, failure to fully explain the enterprise's own R & D ability, etc."
More than a month later, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) appeared again. In the revised draft of the meeting, the words "innovative and high-tech" were obviously weakened. Moreover, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) acknowledges that high-tech anti-AIDS, anti-inflammatory and anti-tumor innovative drugs are only in the layout research and development, and there are not many core technologies. In fact, this is also the main focus of the industry questioning its scientific and creative attributes.
According to the prospectus of Jiangsu Aidea Pharmaceutical Co.Ltd(688488) , the IPO investment projects are mainly divided into three categories: 392.8 million yuan "innovative drug R & D and R & D technology center building purchase project", 203.3 million yuan "API production R & D and supporting facilities project" and 150 million yuan "bank loan repayment and supplementary working capital".
Excluding the "R & D technology center building purchase project" of RMB 392.8 million from the "innovative drug R & D and R & D technology center building purchase project" of RMB 37 million, four of the remaining six R & D pipelines belong to anti-tumor projects, namely "acc006 BCC phase II clinical project", "acc006 lung squamous cell carcinoma chemotherapy phase II clinical project" "Acc006 PD-1 combined phase II clinical project" and "acc010 phase I / II clinical project" raised a total of about 209.5 million yuan.
The 21st Century Business Herald reporter noted that before listing, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) anti-tumor products were in the early stage of research and development. For example, acc006 applied for the treatment of advanced basal cell carcinoma and advanced squamous non-small cell lung cancer, and only phase I clinical trials were completed before listing. Acc010 applied for the treatment of acute myeloid leukemia. It only obtained clinical approval before listing and is in the stage of phase I clinical trial. Acc015 is a new nucleoside antitumor drug, which is applied for the treatment of acute leukemia. It is only in the preclinical research stage before it goes on the market.
The actual situation shows that before Jiangsu Aidea Pharmaceutical Co.Ltd(688488) was listed, only acc006 completed phase I clinical trial, and others are still in "research".
Meanwhile, among the team of Jiangsu Aidea Pharmaceutical Co.Ltd(688488) , Xiaoning Christopher Sheng is mainly responsible for the R & D of the new anti-tumor drug acc006, and the R & D outsourcing organization is the cancer prevention and treatment center of Sun Yat sen University (Affiliated Cancer Hospital of Sun Yat sen University).
The pharmaceutical industry analyst of a securities firm told the 21st Century Business Herald that although Jiangsu Aidea Pharmaceutical Co.Ltd(688488) did not disclose the details of acc006, the patent related to optical resolution applied for only involves itraconazole, the 2S, 4R, 2 's-itraconazole crystal form obtained from resolution has good antitumor activity, "Therefore, it can be inferred that acc006 is 2S, 4R, 2's-itraconazole."
The analyst said that itraconazole has been used clinically for more than 20 years. In the past, it was mainly used for antifungal. Later, researchers found that it also has new effects such as antitumor. "However, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) acc006 is used to treat advanced basal cell carcinoma. There is no drug in China to treat advanced basal cell carcinoma. Jiangsu Aidea Pharmaceutical Co.Ltd(688488) no one will know whether acc006 is successful in phase I clinical trial. That is to say, even if Jiangsu Aidea Pharmaceutical Co.Ltd(688488) is not successfully developed, no one can explain what problems it has."
Based on these anti-tumor projects, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) was approved by the municipal Party Committee on the science and Innovation Board on June 1, 2020.
the face of raised investment projects after listing is rare
Who ever thought that one year after listing, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) began to change the raised investment projects, mainly anti-tumor drugs.
On August 27, 2021, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) announced the change of some raised capital investment projects, mainly changing the original raised capital investment projects "acc007 phase III / IV clinical project", "acc006 BCC phase II clinical project", "acc006 PD-1 combined phase II clinical project" and "acc010 phase I / II clinical project". The total amount of raised capital to be changed is 154 million yuan. Among them, 59 million yuan is planned to be used for the new project "phase III clinical and post marketing research project of eband (enovirin tablets)", and 95 million yuan is planned to be used for the new project "research project on new indications of ulinastatin".
For the reasons for the change of IPO raised investment projects, The explanation of Jiangsu Aidea Pharmaceutical Co.Ltd(688488) is "At present, due to the serious homogenization in the R & D field of anti-tumor innovative drugs, the shortage of medical resources and the obvious increase of competitive costs, the company adjusted the layout based on the strategic development plan, focused its R & D on the fields of anti HIV virus, anti-inflammatory and stroke, and slowed down the research progress of projects in the field of anti-tumor, so as to lock in the advantageous track and give full play to the company's core competitive advantages. ”
Less than four months later, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) again raised all the funds of the last remaining anti-tumor drug investment project - changing the "acc006 phase II clinical project of combined chemotherapy for lung squamous cell carcinoma", with a total of 70 million yuan, for the new project "research and development of integrase inhibitor drugs and clinical research project".
So far, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) 4 R & D pipeline projects of anti-tumor products have been changed.
According to the guidelines for the supervision of listed companies No. 2 - regulatory requirements for the management and use of raised funds by listed companies, the board of directors of a listed company shall fully demonstrate the feasibility of the investment project with raised funds, be sure that the investment project has good market prospects and profitability, effectively prevent investment risks and improve the efficiency of the use of raised funds.
"This kind of large-scale change of IPO raising and investment projects is still rare in science and Innovation Board enterprises." An investment banker from a state-owned securities firm told the 21st Century Business Herald that the raised investment project is regarded as the driving force for the future performance growth of listed companies and has attracted the attention of regulators and investors, "Although the regulators have regulations on raised investment projects, there are no cases of being held accountable for changing raised investment projects. That is, once listed, any listed company can change raised investment projects."
On the evening of December 24, the Shanghai Stock Exchange urgently issued an inquiry letter to Jiangsu Aidea Pharmaceutical Co.Ltd(688488) , requiring the company to clearly explain "the main reasons for including a number of anti-tumor pipelines in the main R & D direction and raised investment projects before listing" and "the background, reasons and rationality of major adjustment of strategic direction in the short term after listing"
the market value has evaporated by more than half, and the future is slim
According to the announcement of Jiangsu Aidea Pharmaceutical Co.Ltd(688488) , "acc006 phase II clinical project for combined chemotherapy of lung squamous cell carcinoma" will be transferred to Guangzhou Lixin biology, with an evaluation value of 103.5 million yuan and a transfer price of only 100 million yuan. However, the total down payment of Guangzhou Lixin biology is RMB 30 million, and the subsequent payment will be paid in installments according to the milestone achievements.
More importantly, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) also agreed with Guangzhou Lixin biology that if the transfer project is not approved for listing in the end, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) will bear 50% of the R & D expenditure.
In this regard, the Shanghai stock exchange requires Jiangsu Aidea Pharmaceutical Co.Ltd(688488) to specify "whether the transfer consideration is fair, the reason why the transaction price is lower than the evaluation price", "the reason why the R & D cost sharing clause is agreed with Lixin biology, the estimated amount range of shared expenses and its impact on the company".
After the completion of the ACC006 phase II clinical project of lung squamous cell carcinoma, the remaining funds will be used for the study of integrase inhibitors. The project is in the early stage of research by Jiangsu Aidea Pharmaceutical Co.Ltd(688488) in cooperation with Changzhou University. The R & D cycle is expected to be six years.
However, while changing the raised investment projects, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) issued an announcement that Li Wenquan and Hu xionglin, the company's technical director and core technicians, have applied for resignation from the company's technical director and core technicians recently, and have gone through the resignation procedures.
Statistics show that Li Wenquan and Hu Xionglin were mainly involved in research and development of finished products in the field of new drugs such as ACC006, ACC010 and ACC007, ACC008, etc., and it is self-evident that the two employees' turnover has no effect on the continuous development capability of innovative drugs.
Moreover, both Li Wenquan and Hu xionglin hold Jiangsu Aidea Pharmaceutical Co.Ltd(688488) equity incentive shares, of which Li Wenquan indirectly holds 379213 shares and Hu xionglin indirectly holds 758443 shares.
According to the commitment before listing, Li Wenquan and Hu xionglin "within 12 months from the date of listing of the company's shares and six months after leaving the company, I will not transfer or entrust others to manage the shares issued before the initial public offering of the company directly or indirectly held by me, nor will the company repurchase such shares."
"If you don't give enough money or break your heart, the company is over." On December 27, one investor left a message in the stock bar of Jiangsu Aidea Pharmaceutical Co.Ltd(688488) , but another investor thought, "the survival of the fittest, unable to make room for those who can, this must be supported!"
From the perspective of performance, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) the performance in the past five years was very average. From 2016 to 2020, the company achieved operating revenue of RMB 258 million, RMB 136 million, RMB 277 million, RMB 345 million and RMB 289 million respectively; The net profit attributable to the parent company was 14.2369 million yuan, -37.9865 million yuan, 8.6179 million yuan, 33.6489 million yuan and 39.7718 million yuan respectively.
The continuous changes of performance and raised investment projects have a direct impact on the company's stock price, and investors choose to vote with their feet.
On the first day of listing on July 20 last year, the closing price of the stock was 30.92 yuan and the market value was 12.986 billion yuan. On December 28, 2021, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) decreased by 0.47% to close at RMB 14.94, and the market value "halved" to RMB 6.275 billion. How far can this company change its antitumor drugs and intend to concentrate on developing innovative drugs for AIDS, after losing two core technicians? Everything remains to be seen.
(21st Century Business Herald)
