Science and technology innovation board is becoming a new choice for unprofitable new drug R & D enterprises to go on the market

[pharmaceutical network industry trends] new drug R & D enterprises have the bottleneck of high investment, long cycle and high risk Currently, with the strong support of science and technology innovation board, there are new choices for new drug R & D enterprises without profit Among them, the fifth set of listing standards in the listing conditions of science and technology innovation board is considered to be specially for unprofitable biomedical enterprises That is to say, "the market value of the declared enterprise is expected to be no less than 4 billion yuan, the main business or products need to be approved by the relevant departments of the state, the market space is large, and the phased results have been achieved at present The pharmaceutical industry enterprises need at least one core product to be approved to carry out phase II clinical trials, and other enterprises that meet the positioning of the scientific and technological innovation board need to have obvious technical advantages and meet the corresponding conditions." According to the public information, at present, both Zejing pharmaceutical and baiaotai apply for the science and technology innovation board with the help of the fifth listing standard of science and technology innovation board in the absence of profit Zejing pharmaceutical is the first pharmaceutical company to apply for science and technology innovation board through the fifth set of listing standards, which was accepted on June 10 Zejing pharmaceutical is an innovation driven new drug R & D enterprise focusing on tumor, hemorrhage, blood disease, hepatobiliary disease and other treatment fields According to the prospectus, among the 11 innovative drugs currently being developed by the company, the indications of donafinil toluenesulfonate tablets (Zeppelin), recombinant human thrombin (Zeppelin ®) and jaketinib hydrochloride tablets (Zeppelin) are in phase II / III clinical trials respectively From its financial data, Zejing pharmaceutical lost three consecutive years in the reporting period In 2016, 2017, 2018 and 2019, the operating revenues were respectively RMB 20300, 0, 13111000 and 0 During the same period, Zejing pharmaceutical's net profit was - 128 million yuan, - 146 million yuan, - 442 million yuan and - 173 million yuan respectively, with a cumulative loss of 889 million yuan In addition, the company's overall management costs fluctuate greatly During the reporting period, the management expenses were 73.731 million yuan, 7.6896 million yuan, 319 million yuan and 140 million yuan respectively According to the company, the company is still in the stage of product R & D, with large R & D expenditure, and the amount of share based payment withdrawn due to equity incentive during the reporting period is large, resulting in a large accumulated loss not covered by the company Baiaotai, an innovative biopharmaceutical enterprise focusing on the research and development of innovative drugs and bio similar drugs, became the second enterprise to choose the fifth set of standards on science and technology innovation board in the evening of July 8 According to statistics, there are 21 main products under research of baiaotai, among which bat1406, a biological analogue of adalimumab, has submitted an application for marketing The treatment field is autoimmune diseases, and the clinical indications are ankylosing spondylitis Another 4 products are in phase III clinical research stage, 1 product is in phase II clinical research stage, and 4 products are in phase I clinical research stage As the product has not yet been listed and brought no revenue, the company's operating revenue in 2016 was 2763700 yuan, and that in 2017 was 2.089 million yuan, while there was no operating revenue in the first quarter of 2018 and 2019 The company has also been at a loss In 2016, 2017 and 2018, the net losses were 136.5841 million yuan, 23.5595 million yuan and 55.31112 million yuan respectively From January to March 2019, the net loss was 531649600 yuan The company pointed out in the prospectus that drug development has a high degree of uncertainty, requires a large amount of capital expenditure in the early stage, and faces the huge risk that the drug under research may not be able to obtain regulatory approval or has no commercial feasibility.