New stock news | Highlight Pharma submits application to Hong Kong Stock Exchange to explore and develop safe and effective therapies for global autoimmune disease patients.

According to the disclosure by the Hong Kong Stock Exchange on December 4th, Hangzhou Gaoguang Pharmaceutical Co., Ltd. (referred to as Gaoguang Pharmaceutical) has submitted an application to the Hong Kong Stock Exchange for listing on the main board, with CICC and CMB International as its joint sponsors. According to the prospectus, Gaoguang Pharmaceutical is a key innovative enterprise dedicated to exploring and developing safe and effective therapies for global autoimmune/inflammatory diseases patients, and has established a unique advantage in the challenging field of neuroinflammation with world-class candidate drugs for the treatment of Alzheimer's disease and Parkinson's disease. With end-to-end internal capabilities from target selection, candidate drug discovery to clinical development, the company has built a differentiated asset portfolio (covering various autoimmune diseases and neurodegenerative diseases indications), including four candidates in clinical stage and multiple candidates in preclinical stage. The prospectus shows that the company's core product TLL-018, along with TLL-041 and TLL-009, is the only highly selective TYK2/JAK1 inhibitor globally. TLL-018 is expected to become the first and best therapy for treating chronic spontaneous urticaria ("CSU") and rheumatoid arthritis ("RA") of the same kind. The company is currently conducting two Phase III registration trials for CSU and RA in China, and plans to submit an NDA to the National Medical Products Administration by the end of 2026. Additionally, according to data from Frost & Sullivan, the company's independently developed TLL-041 is the world's first and only selective TYK2/JAK1 inhibitor with brain permeability, suitable for treating neurodegenerative diseases. The collaboration between the company and the well-known multinational pharmaceutical company Biohaven, in terms of transaction total value, is the largest publicly traded deal in the field of neurodegenerative diseases in China, highlighting the significant strategic importance and strong commercial value of the cooperation between the two parties. It is worth noting that the company may not be able to successfully develop and commercialize pipeline products (including the core product TLL-018) and/or generate meaningful economic value from them. Financial Information Revenue During the previous recording period, the company's revenue decreased from approximately RMB 2.26 billion in 2023 to zero in 2024, mainly due to upfront payments received by the company in 2023 for external licensing and cooperation arrangements with Biohaven and Jian Yi Teng Chuang. The company's revenue increased from zero in the six months ended June 30, 2024 to approximately RMB 107 million in the six months ended June 30, 202...