New Stock News: Tongyuan Kang Medicine successfully passed the Hong Kong Stock Exchange hearing and has established a pipeline consisting of 11 candidate drugs.

According to the announcement of the Hong Kong Stock Exchange on July 22, Zhejiang Genesee Pharmacy Co., Ltd. (Genesee Pharmacy) has passed the listing hearing on the main board of the Hong Kong Stock Exchange, with CITIC SEC as the sole sponsor. The prospectus shows that Genesee Pharmacy is a clinical-stage biopharmaceutical company dedicated to discovering, acquiring, developing differentiated targeted therapies, and commercializing them to meet the urgent medical needs in cancer treatment. Since its establishment in 2017, the company has established a pipeline consisting of 11 candidate drugs, including the core product TY-9591, six clinical-stage products, and four pre-clinical stage products. The company is currently conducting crucial Phase II clinical trials in China for TY-9591 monotherapy, using it as a first-line treatment for epidermal growth factor receptor (EGFR) mutant non-small cell lung cancer (NSCLC) brain metastases, as well as conducting registration Phase III clinical trials in China for TY-9591 monotherapy, using it as a first-line treatment for locally advanced (stage IIIb or IV) or metastatic NSCLC with EGFRL858R mutation. Genesee Pharmacy's core business model includes internally discovering, acquiring, developing, and commercializing small molecule drugs and other related innovative drug types to address unmet needs in the cancer field, especially in lung cancer. The company has developed internal research and development capabilities, covering early drug discovery, chemical synthesis, screening, clinical development, and regulatory affairs. In addition, the company has actively sought to establish partnerships with global and regional leading pharmaceutical companies to maximize the clinical and commercial value of candidate drugs. With the core product TY-9591 entering the crucial clinical trial stage, the company is constructing an internal production facility in Huzhou, Zhejiang Province that complies with cGMP regulations, with commercial-scale production expected to begin by the end of 2025. The company also plans to establish sales and marketing capabilities through internal efforts and collaborations with external partners to ensure successful commercialization of the product in China. Genesee Pharmacy has established four proprietary, comprehensive technology platforms centered on the development of new small molecule drugs, allowing the company to focus on the most promising candidates that are clinically active, cost-effective, and commercially viable. The technology platforms include drug design and screening platform, drug-like evaluation platform, translational medicine platform, and CADD/AIDD platform. In terms of finances, the research and development costs for Genesee Pharmacy were approximately RMB 230 million, RMB 249 million, and RMB 64.699 million in 2022, 2023, and the three months ended March 31, 2024, respectively, with losses of approximately RMB 312 Faced with a loss of 3.12 billion, 3.83 billion, and 1.08 billion yuan respectively.