HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

VISEN Pharmaceuticals / Equity Capital Markets

<ul>
<li>VISEN’s candidates are potential Best-In-Class or represent novel technologies, but they need to obtain doctors/authorities’ recognition.The competition pattern in growth hormone market would continue to deteriorate with increasing new entrants. </li>
<li>Once the growth hormone market is taken seriously by the regulatory authorities, the industry's growth momentum would be challenged. The actual market space could be greatly reduced as a result.</li>
<li>In front of competitors with strong sales system, commercialization is a big challenge for <a href="https://www.smartkarma.com/entities/visen-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:36555:1" rel="noopener">VISEN. T</a>he Company has yet to prove this.VBP news on rhGH would weigh on market sentiment.</li>
</ul>


VISEN’s candidates are potential Best-In-Class or represent novel technologies, but they need to obtain doctors/authorities’ recognition.The competition pattern in growth hormone market would continue to deteriorate with increasing new entrants. 
Once the growth hormone market is taken seriously by the regulatory authorities, the industry's growth momentum would be challenged. The actual market space could be greatly reduced as a result.
In front of competitors with strong sales system, commercialization is a big challenge for VISEN. The Company has yet to prove this.VBP news on rhGH would weigh on market sentiment.


Pre-IPO VISEN Pharmaceuticals - The Product Pipeline and the Key Risks

ImmuneOnco Biopharmaceuticals (Shanghai) / Equity Capital Markets

<ul>
<li>ImmuneOnco’s execution/R&amp;D efficiency is far from satisfactory. After about seven years since the establishment in 2015, there are no candidates entering phase III trials or close to market launch.</li>
<li>The biggest concerns are druggability and safety profile of CD47-targeted candidates. There could be potential R&amp;D failure risks. The pipeline layout around CD47 also makes it hard to diversify risks.</li>
<li>It’s challenging for <a href="https://www.smartkarma.com/entities/immuneonco-biopharmaceuticals-shanghai-inc" target="_blank" data-smartkarma-citation="entities:36080:1" rel="noopener">ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK)</a> to hit high-quality license-out deals with reputable big pharma, leading to uncertainties on internationalization. We're conservative about the outlook. </li>
</ul>


ImmuneOnco’s execution/R&amp;D efficiency is far from satisfactory. After about seven years since the establishment in 2015, there are no candidates entering phase III trials or close to market launch.
The biggest concerns are druggability and safety profile of CD47-targeted candidates. There could be potential R&amp;D failure risks. The pipeline layout around CD47 also makes it hard to diversify risks.
It’s challenging for ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK) to hit high-quality license-out deals with reputable big pharma, leading to uncertainties on internationalization. We're conservative about the outlook. 


Pre-IPO ImmuneOnco Biopharmaceuticals (PHIP Updates) - Slow Development Progress and Gloomy Outlook

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>ImmuneOnco, a China-based clinical-stage biotechnology company, plans to raise up to US$ 100m via a Hong Kong listing.</li>
<li>In this note, we examine the company's core product, namelyIMM01, a CD47 target fusion protein. We also look at the company's management and pre-IPO investors.</li>
<li>We think its clinical data is not yet convincing and we are not so keen on the company.</li>
</ul>


ImmuneOnco, a China-based clinical-stage biotechnology company, plans to raise up to US$ 100m via a Hong Kong listing.
In this note, we examine the company's core product, namelyIMM01, a CD47 target fusion protein. We also look at the company's management and pre-IPO investors.
We think its clinical data is not yet convincing and we are not so keen on the company.


ImmuneOnco (宜明昂科) Pre-IPO: Clinical Numbers Are yet to Be Convincing

Equity Bottom-Up

<ul>
<li>Many people aren't optimistic about CD47 because there is no sufficient evidence to solve blood toxicity. Although I-MAB’s problem-solving idea has no obvious flaws in logic, risks remain.</li>
<li>CD73 is still at a relatively “shallow level”, which can be understood as a low level of verification. I-MAB has to make a last-ditch effort on CD47.</li>
<li>At such low market cap, Investors could make an "entertaining bet". If CD47 is successful, you can earn several times. If not, then admit the defeat.</li>
</ul>


Many people aren't optimistic about CD47 because there is no sufficient evidence to solve blood toxicity. Although I-MAB’s problem-solving idea has no obvious flaws in logic, risks remain.
CD73 is still at a relatively “shallow level”, which can be understood as a low level of verification. I-MAB has to make a last-ditch effort on CD47.
At such low market cap, Investors could make an "entertaining bet". If CD47 is successful, you can earn several times. If not, then admit the defeat.


I-Mab (IMAB.US) - An "Entertaining Bet": To Be a Dark Horse or to Fail Completely

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Encouraging efficacy of lemzoparlimab in 1L MDS. I-Mab announced positive Ph2 (NCT04202003) data of lemzoparlimab in combination with azacitidine (AZA) in patients with newly diagnosed higher risk MDS at ESMO 2022 (link).</li><li>A total of 53 patients were enrolled as of 31 Mar 2022.</li><li>Top-line data showed that for patients who received initial dose of over six months (n=15), the ORR and CRR were 86.7% and 40%, respectively.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Encouraging efficacy of lemzoparlimab in 1L MDS. I-Mab announced positive Ph2 (NCT04202003) data of lemzoparlimab in combination with azacitidine (AZA) in patients with newly diagnosed higher risk MDS at ESMO 2022 (link).A total of 53 patients were enrolled as of 31 Mar 2022.Top-line data showed that for patients who received initial dose of over six months (n=15), the ORR and CRR were 86.7% and 40%, respectively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

I-Mab BioPharma (IMAB US) – Ph2 Data of Lemzoparlimab (CD47) In 1L MDS Released

China

I-Mab operates as a clinical stage biopharmaceutical company. The Company focuses on the discovery, development, and commercialization of novel biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders. I-Mab conducts business in China.

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I-Mab (IMAB US)

Pre-IPO VISEN Pharmaceuticals - The Product Pipeline and the Key Risks

VISEN’s pipeline has strength, but fierce competition/VBP/increasingly stringent regulatory environment will bring challenges to...

Xinyao (Criss) Wang

Pre-IPO ImmuneOnco Biopharmaceuticals (PHIP Updates) - Slow Development Progress and Gloomy Outlook

ImmuneOnco's business model is self-development, leading to slow progress. Druggability/safety profile of CD47-targeted molecules are the biggest...

Xinyao (Criss) Wang

ImmuneOnco (宜明昂科) Pre-IPO: Clinical Numbers Are yet to Be Convincing

We look at ImmuneOnco, a biotech company seeking a listing in Hong Kong. The company is focused on CD47 products. Given the clinical data presented...

Ke Yan, CFA, FRM

I-Mab (IMAB.US) - An "Entertaining Bet": To Be a Dark Horse or to Fail Completely

Since CD73 has a low level of verification, the key point for I-MAB to reverse the situation is still CD47, which is I-MAB's last hope.Investors...

Xinyao (Criss) Wang

I-Mab BioPharma (IMAB US) – Ph2 Data of Lemzoparlimab (CD47) In 1L MDS Released

Top-line data showed that for patients who received initial dose of over six months (n=15), the ORR and CRR were 86.7% and 40%, respectively.

CMB International

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