Not long after a Series C fundraising in June this year, Everest Medicine initiated a public listing, marking a further strategic move for the biotech firm.
Mount Everest. Image credit: Andreas Gabler/Unsplash
Everest Medicines, the Zhejiang-based biotech startup, applied for an IPO on the Hong Kong Stock Exchange, only one month after a Series C fundraising of USD 310 million.
As an in-licensing biopharmaceutical company, Everest Medicines focuses on developing and commercializing innovative medicines. The product portfolio covers oncology, immunotherapy, infectious diseases and heart /kidney diseases.
Years of clinical trials have brought considerable losses – the year of 2019 recorded a loss as much of as much as CNY 176 million. Furthermore, the company already suffered a CNY 150 million loss in the first quarter of 2020.
However, a bright future may be on its way. Many pilot products have already entered Phase III – the critical stage in the clinical trial process. With rich experience in licensing and commercialization, the company looks likely to realize profits very soon.