New Stock News | Shijun Biotech Submits Application to Hong Kong Stock Exchange to Improve Current Limited Efficacy Cancer Treatment Options

According to the disclosure of the Hong Kong Stock Exchange on August 25, InxMed Limited has submitted its application for listing on the main board of the Hong Kong Stock Exchange, with CITIC SEC and CICC acting as its joint sponsors. According to the prospectus, InxMed is a biotechnology company founded in 2017 in the late clinical stages, dedicated to improving current limited efficacy of tumor treatment options. The company's mission is to address the core challenge of tumor treatment - drug resistance caused by tumor defenses. The prospectus shows that InxMed focuses on key signaling hubs shared by multiple types of tumors, especially the FAK and integrin pathways, which play a crucial role in tumor cell survival and lead to the failure of different treatment options. At the same time, InxMed aims to dismantle the protective barrier around tumor cells through targeting cancer-associated fibroblasts (CAFs). By targeting key drug resistance pathways, InxMed aims to reshape rational drug use for cancer treatment and open up new frontiers in treatment innovation. As of the last feasible date, InxMed's product pipeline includes: (i) core product ifebemtinib (a commercially close FAK inhibitor), which is undergoing multiple clinical development projects in China; it has received breakthrough therapy designations for three indications from the NMPA, and fast-track designations from the FDA for one indication, demonstrating its huge potential as a cornerstone therapy for cancer treatment, (ii) IN10028, a second-generation selective FAK inhibitor, to maintain its leading position in the field, and (iii) three innovative candidate antibody-drug conjugates (ADC), namely (a) OMTX705, targeting CAFs in the TME with synergistic effects with multiple therapies such as anti-PD-1; (b) IN30758, focusing on upstream signaling pathways of FAK, with synergistic effects with FAK inhibitors; and (c) IN30778, targeting unique and highly expressed tumor-associated antigens in various solid tumors. InxMed's core product ifebemtinib is a highly selective oral small molecule FAK inhibitor independently developed and advanced by the company. FAK is overexpressed and activated in both tumor cells and CAFs, playing a key role in regulating cell proliferation, migration, and invasion, collectively creating a survival advantage for cancer cells. By inhibiting the FAK signaling pathway, ifebemtinib is expected to disrupt the tumor defense system, especially adaptive drug resistance mechanisms. In addition, leveraging the experience and knowledge in developing ifebemtinib, the company is developing the second-generation selective FAK inhibitor IN10028, aiming to be used in combination with different anti-tumor drugs (especially RAS inhibitors) to maintain its leading position in the field. The company expects to submit the IND application for this candidate drug by 2025. The first human clinical trial is expected to start in the first quarter of 2026. Financially, for the fiscal year 2023, 2024, and the three months ended March 31, 2025, the company's other/income net amounts were approximately -392,000 yuan, 2.472 million yuan, 1.603 million yuan, respectively; during the same period, the annual/quarterly losses were approximately -209 million yuan, -185 million yuan, -33.69 million yuan, respectively. According to the risk factors mentioned by InxMed in the prospectus, the company largely relies on the success of its candidate products. If it fails to successfully complete clinical development or commercialize its clinical and preclinical product lines, or if it encounters significant delays or cost overruns in any of the above stages, the company's business and prospects may be significantly adversely affected.