Chinese company raises $289 million for cancer drug development

Innocare, a Chinese company on the verge of developing a revolutionary cancer drug, has raised $289 million in Hong Kong exchange. This comes amidst a global economic meltdown caused by the coronavirus pandemic.

A Chinese pharmaceutical company Innocare raised $289 million from shares after retail investors subscribed to 7.48 billion shares. This was 298 times the number of shares offered to them. This is according to their filings submissions to the Hong Kong exchange.

Raising capital

Co-founder and CEO Jasmine Cui Jisong also indicated they had also raised a further $164 million worth of shares from very supportive cornerstone investors. She expressed hope that these investors would stick with the company in the long run and in their bid to develop a cancer drug. The Chinese company has indicated its optimism with their research in the field and hopes they will be able to deliver a working drug in the coming years.

Co-founder and chief executive Jasmine Cui Jisong said investors received the company’s shares with enthusiasm. She said the investors were from all around the world, with many indicating willingness for longterm cooperation with the company.

Cancer drug development

Innocare is committed to developing a drug for chronic lymphocytic leukemia, small lymphocytic leukemia and mantle cell lymphoma. They are developing orelabrutinib, which is expected to fight the three types of blood cancer.

The company indicated the drug had already passed phase two of the trials and they were now moving to clinical trials. These clinical trials will be able to prove the drug’s safety and efficacy according to the company. This will allow it to be approved in the markets.

The drug is expected to compete with drugs such as the Johnson and Johnson’s ibrutinib, Britain-based AstraZeneca’s acalabrutinib and Beijing-based BeiGene’s zanubrutinib. However, Jasmine has said that the drug will be competitive and will be able to compete with these players in the market. She also said their prices will be competitive and this will give them an edge in the markets.

 

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