New Stock News | New Element Pharmaceuticals Submits Application to Hong Kong Stock Exchange, Company Currently Has No Products Approved for Commercial Sales.

According to the disclosure by the Hong Kong Stock Exchange on September 15th, Hangzhou New Element Pharmaceutical Co., Ltd. (referred to as New Element Pharmaceutical) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with CITIC SEC as its exclusive sponsor. The prospectus shows that New Element Pharmaceutical was established in 2012 and is a biotechnology company focused on developing globally competitive and commercially valuable therapies in the fields of metabolism, inflammation, and cardiovascular diseases, covering the full process care of gout patients and addressing issues such as hyperuricemia, chronic gout, acute gout, gout stone dissolution, and chronic kidney disease (CKD) combined with hyperuricemia. The company has established a pipeline including two clinical-stage products and multiple pre-clinical stage projects. The company's core product ABP-671, independently developed, has a unique chemical structure that eliminates the risk of liver toxicity compared to allopurinol and its derivatives. In addition, ABP-671 has higher target selectivity and better uric acid lowering efficacy. Currently, ABP-671 is undergoing phase 2b/3 clinical trials for the treatment of gout and hyperuricemia in the United States and China simultaneously, and is expected to become a class 1 innovative uric acid transporter 1 (URAT1) inhibitor targeting the first-line therapy market. ABP-671 has also shown promising preclinical results in indications other than gout and hyperuricemia, including CKD with hyperuricemia and refractory gout (or tophaceous gout). It should be noted that the company may not be successful in the development and/or marketing of its core products. Based on the company's structure-metabolism analysis drug discovery platform, the company has not only launched clinical stage candidate products ABP-671 and ABP-745, but also launched a series of pre-clinical pipelines including AT6616, ABP-6016, and ABP6118. The core business model of the company is to discover and develop innovative therapies for metabolism, inflammation, and cardiovascular diseases to meet medical needs. In addition to internal initiatives, the company may seek opportunities for collaboration in clinical development and commercialization of candidate drugs to better seize global market opportunities through external licensing, joint commercialization, or other strategic partnerships. Financially, the company currently does not have any products approved for commercial sale, nor generates any revenue from product sales. The company recorded operating losses in the past performance period. The annual/periodic losses for the year 2023, 2024, and the six months ended June 30, 2025, were approximately RMB 97.42 million, RMB 4.34 billion, and RMB 1.65 billion respectively. The company's losses primarily come from research and development expenses and administrative expenses.