New stock news | I-Mab Biopharma submits secondary listing application to Hong Kong Stock Exchange, committed to the research and development of ADC drugs for cancer and immune diseases.

According to the disclosure of the Hong Kong Stock Exchange on February 27, Duality Biotherapeutics, Inc. submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Morgan Stanley, Jefferies, and CITIC Securities as its joint sponsors. Previously, Duality Biotherapeutics had submitted an application to the Hong Kong Stock Exchange on August 26, 2024, which expired on February 26. The prospectus shows that Duality Biotherapeutics is a global leader in the field of Antibody-Drug Conjugates (ADCs), committed to developing a new generation of innovative ADC drugs for patients with cancer and autoimmune diseases. The company has established a variety of differentiated pipelines using its own ADC technology platform and is advancing these pipelines with the goal of revolutionizing cancer treatment and providing therapies that significantly improve global patient outcomes. The company was founded in 2019 and has two core products under independent development, namely DB-1303/BNT323 (an HER2-targeted ADC candidate drug for HER2 cancers including endometrial and breast cancer) and DB-1311/BNT324 (a B7-H3-targeted ADC candidate drug for B7-H3 cancers including small cell lung cancer, castration-resistant prostate cancer, and esophageal squamous cell carcinoma). In addition to its core products, the company has also independently developed: five other clinical-stage ADCs with potential in a wide range of indications, each of which ranks among the most globally advanced in terms of overall or major indications development progress according to Frost & Sullivan; two new generation bispecific ADCs expected to enter clinical stages between 2025 and 2026; and multiple other preclinical ADCs. As of February 19, the company has five clinical-stage assets that have been granted Investigational New Drug approvals by the U.S. Food and Drug Administration (FDA) and the China National Medical Products Administration (NMPA). The company has seven global multi-regional clinical trials in 230+ clinical trial centers across 17 countries, with over 2,000 patients enrolled (over 50% in the U.S., EU, and Australia). The company's innovative ADC assets have attracted leading global biopharmaceutical companies, with several global partnerships established to date, including collaborations with BioNTech SE, BEIGENE Limited, Adcendo ApS, GSK plc, and Avenzo Therapeutics, Inc., with a total transaction value exceeding $6 billion (of which approximately $400 million has been received as of the last practicable date). On the commercialization front, as of February 19, the company has not received approval for the market launch of any candidate drugs, nor has it generated any revenue from product sales. It is expected that commercialization of later-stage ADCs will be achieved in the coming years, with the company planning to maximize the commercial value of candidate drugs through selecting the best commercialization model (including establishing internal commercialization capabilities) and/or working with third parties (such as distributors, contract sales organizations, and licensing partners). In terms of financials, for the nine months ending on September 30 of 2022, 2023, and 2024, Duality Biotherapeutics' revenues were approximately 1.6 million RMB, 1.787 billion RMB, and 1.462 billion RMB respectively; with net losses of approximately 387 million RMB, 358 million RMB, and 566 million RMB respectively.